Sci & Tech

Challenges of Introducing Iranian Cryptocurrency

The Ministry of Communications and Information Technology has announced that several issues need to be addressed before Iran can introduce its national virtual currency
The country is mulling the necessity of backing the cryptocurrency with physical commodities

Iran’s minister of communications and information technology elaborated on the country’s approach toward the development of a national cryptocurrency and highlighted some of the challenges facing the authorities in this regard.
During a press conference on Saturday, Mohammad Javad Azari-Jahromi added that before Iran can introduce its national virtual currency, several issues must be addressed. 
Azari-Jahromi said, for instance, it should be determined whether the cryptocurrency is to be backed by physical commodities, the ministry’s website reported.
Earlier on Friday, one of the minister’s top consultants, Amir Hossein Davaie, was quoted as saying by the local media that the cryptocurrency must be backed by physical commodities like gold, oil, or even real currencies.


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