Economy, Business And Markets

Iran’s Cryptocurrency to Back Bank Transactions in 1st Phase

Iran’s national cryptocurrency denotes the creation of a virtual legal system with clear banking laws that will be connected to the country’s real money market
Iran’s Cryptocurrency to Back Bank Transactions in 1st PhaseIran’s Cryptocurrency to Back Bank Transactions in 1st Phase
The policy of the government is not to excessively increase the rate of this currency so that people can look at it as a capital asset

Iran's in-the-works national cryptocurrency, which is expected to be unveiled soon, will in its first operational phase solely focus on clearing limited bank transactions, a top advisor to the minister of information and communications technology.
"The Telecoms Ministry's cryptocurrency is not a public coin that will be purchased and traded by the people and traders in the first phase," Amir Hossein Davaie, advisor to Telecoms Minister Mohammad Javad Azari-Jahromi in innovative technologies, told IBENA on Tuesday.
"At present, the Telecoms Ministry's national cryptocurrency is structured in a way that it will be strictly used as an instrument for bank transaction clearance, but after gaining more experience, it is possible for the national cryptocurrency to be used publicly," he said.
Azari-Jahromi announced the news of planning to launch the national virtual currency via Twitter less than a year ago. 


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