Iran can represent a government-backed cryptocurrency at the annual conference on electronic banking and payment systems, which will be held in Tehran on 29-30 January, reports Al Jazeera. The theme of the event this year — the blockchain revolution.
In may last year, the United States announced its withdrawal from the nuclear agreement with Iran in 2015 and the introduction of new sanctions is reversed. In August, entered into force a ban on the use of the dollar by Iran in November — restrictions on the purchase of crude oil in Iran and investments in the oil sector. In the same month, a number of Iranian banks were disconnected from the interbank messaging system SWIFT.
It is expected that the Iranian cryptocurrency will be deployed in stages. First, in the form of digital token that is supported in the national currency of Rial, to facilitate payments between Iranian banks and other institutions that operate in cryptocurrency. Then, she might become the means of payment in the country, said Al Jazeera.
According to the Qatari channel, while the national cryptocurrency will not contribute directly to global payments to Iran, it can lay the Foundation for the country’s accession to international payment system based on the blockchain — the alternative to SWIFT.
The development of a national cryptocurrency in Iran was reported to return the us sanctions in February last year. In July, Iran said that the issue of creating a cryptocurrency to bypass the financial restrictions included in the agenda of the presidential administration of the country. In August on behalf of President Hassan Rouhani (Hassan Rouhani) was prepared the corresponding bill.
Network to combat financial crimes (FinCEN) has indicated the possibility of using cryptocurrency Iran to bypass sanctions, this is clearly stated by a senior Iranian General. However, it was about existing decentralized cryptocurrencies, such as bitcoin. Digital currency of the Central Bank (CBDC) will not be able to replace them and will have limited application, says blockchain-the developer of Iranian firms Radfa rashedi of Yashar (Yashar Rashedi).
“Despite the fact that CBDC probably never will find a wide everyday use in society, they can offer some new features for startups and developers who will have to work with the centralized banking API for them,” he said.
Earlier, in Venezuela, another country under U.S. sanctions, was issued by the national cryptocurrency Petro (PTR). Venezuela announced the application of PTR in international payments, offered to go for payments in bitcoin of Russia, announced plans to sell oil only in Petro. However, it is known that India, one of the largest importers of Venezuelan oil, refused to use the cryptocurrency for payments, although proposed a 30 percent discount to the price of raw materials.