As reported by Iranian news Agency press TV, the authorities in the person of heads of government of the Department of science and technology intend to create a national cryptocurrency. July 25, Alireza Daliri, Deputy head of the Agency responsible for investment policy, stated that the Department cooperates with the Central Bank and “preparing the ground” in order to introduce digital currency.

The authors of the project expect that cryptocurrency will be the security of the Iranian national currency, the Rial, and tokenserver it, and will also give the opportunity to carry out cross-border and domestic payments in terms of us sanctions, which should come into effect next month. In may, the U.S. government announced its withdrawal from the nuclear deal with Iran concluded in 2015, and on the resumption on 6 August sanctions, limiting the access of the Iranian economy to the U.S. dollar.

According to Dalire, his Agency intends within the next three months to implement blockchain technology in the work of the Central Bank of the country, and provide it to the banks throughout Iran.

The authorities of the Islamic Republic support the development of cryptocurrency and blockchain technology. According to the website of the Department of science and technology in July Daliri announced that the country intends to go through “the creation of domestic digital currency”:

Our goal is that to guarantee the success of the people emerging in this area, and to the successful execution of contracts in this sector.

In April Daliri stressed his determination to launch a digital currency in which it would be possible to make payments within the country and to settle with foreign business.

Apparently, Iran is following in the footsteps of Venezuela, which this year launched a national cryptocurrency Petro, secured, according to the authorities, oil reserves. As in the case of Iran, the national cryptocurrency designed to resist the U.S. sanctions. Although the Venezuelan President Maduro had to say about the success of the token, the administration trump has already adopted individual sanctions against Petro.

As reported by the international media with reference to the Venezuelan TV, today, July 26, Maduro announced on the national currency denomination, which will now be tied to Petro. In particular, Maduro said:

New Bolivar will appear on 20 August, he will have a reference to Petro, there will be a new monetary system. And with Bolivar we remove five zeros.

Petro is tied to the cost of Venezuelan oil. Formally 100 million tokens correspond to the value of 5.3 billion barrels of Venezuelan oil that indirectly binds a cryptocurrency to the dollar, since oil prices are denominated in them. According to experts, the problem of the new plan is that the oil industry of Venezuela is experiencing a severe crisis and, apparently, will soon cease to exist.