Iran: Сan Heir Of The Persian Throne Take Over The Islamic World With The Help Of digital currency?
RegulationBit News Today2 min read
In a move that could have significant repercussions for the global cryptocurrency market, Iran has announced plans to issue its own digital currency in response to crippling U.S. economic sanctions. The Central Bank of Iran (CBI) officially declared on April 22, 2018, that it had prohibited the handling of cryptocurrencies by all Iranian financial institutions, including banks and credit institutions.
According to Abolhassan Firouzabadi, secretary of Iran's Supreme Council of Cyberspace, a working group would be formed to discuss the launch of this virtual currency. Firouzabadi went a step further, stating, "we are also planning to come up with a national and joint cryptocurrency for economic transactions with friendly countries. This revelation came just weeks after reports emerged indicating that Iran would be exploring the creation of a national cryptocurrency. Analysts elaborated that Iran may soon issue its own cryptocurrency to bypass new economic sanctions enacted by the U.S.
On November 5, 2018, the U.S. This development raised concerns among Iranian cryptocurrency users, with Telegram channels in Iran speculating about privacy and the security of bitcoin wallets.
As Iran pushes ahead with its plans, it is not alone in its interest in cryptocurrencies. The head of Iran’s Civil Defense Organization announced in October 2018 that the country is set to establish a digital central bank in the near future. An Iranian official also pointed out that integrating blockchain technology could provide a tech-based boost to the country's economy.
The U.S. has been vigilant in its efforts to curb Iran's access to the global financial system, including cryptocurrencies. In October 2018, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to help financial institutions detect and report potentially illicit transactions related to Iran. Now, a bill introduced in the U.S. Congress seeks to harden its stance on Iran's cryptocurrency efforts.
The situation in Iran is closely watched by the global crypto community, as any move by the country to issue its own digital currency could have far-reaching effects. As of now, it remains to be seen how Iran's plans will develop and what impact they will have on the ever-evolving cryptocurrency landscape.
