Iranian authorities have completed the development of a national cryptocurrency, provided by the local Rial. Now the new asset is the approval of the Central Bank of the country. In an interview with local news Agency Ibena said General Director of Informatics Services Corporation (ISC) Saeid Najafi Abotaleb.

According to him, testing fees, and internal and interbank settlements will be carried out by banking institutions of the country, including through a distributed infrastructure.

CBI is interested in using cryptocurrencies to expand the banking system and bypass the economic sanctions of the United States.

“Government cryptocurrency designed primarily to explore the possibilities of digital coins and blockchain technology to facilitate financial payments and retail banking operations”, — said Seyyed Najafi.

It is noteworthy that the new asset will be provided in local currency, despite the volatility and the continuing devaluation of the Rial. So, the unofficial rate of the Rial has fallen to 143 000 to 1 US dollar at the official rate of about 41 000 rials to the dollar.

“In exchange for every coin digital currency, its equivalent in rials to the account of the Central Bank is locked so it will never create liquidity,” — said Najafi.

Note that the new cryptocurrency is not yet have a name.

We will remind, in July the Department of science and technology in the government of Iran, jointly with the Central Bank of the country has begun to develop a national cryptocurrency.

In late October, the head of the civil defense Organization of Iran Gholamreza Jalali said that cryptocurrencies will help to circumvent some of the sanctions through untraceable banking operations.