Iran is preparing to develop its own cryptocurrency as a solution that will help the country to avoid new US sanctions. This is reported by local media citing officials.

The issue of creating a national cryptocurrency included in the agenda of the office for scientific and technological matters office of the President of Iran, said the Deputy chief of Department on investment issues Daliri Alireza (Alireza Daliri). The project is being developed jointly with the Central Bank of Iran (CBI).

“We’re trying to prepare a database for use by national digital currency in the country. This currency would facilitate money transfers (one way) anywhere in the world. In addition, it can help us during the sanctions,” — said the official.

In may, the President of the United States Donald trump (Donald Trump) announced the country’s withdrawal from the nuclear agreement with Iran in 2015 and the introduction of new sanctions is reversed. In August should enter 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.

According to Iranian media, the country has managed to develop its first national “crypto-key” based on blockchain technology. The solution will be integrated in the banking system of the country within three months after the elimination of potential shortcomings. It can be used to support the national currency and then used as a token for the settlement of payments by commercial banks.

In April of this year, the Minister of information and communications technology Mohammad Javad Azari Jahromi (Mohammad-Javad Azari Jahromi) reported that Iran has already developed a pilot local cryptocurrency. Later, the head of the economic Committee of the Iranian Parliament Mohammad Reza’s Parabrahma (Mohammad Reza Pourebrahimi) stated that the country is not engaged in any development of their own cryptocurrency.

We will remind that earlier national cryptocurrency released, another country under U.S. sanctions, Venezuela. But so far attempts to use it in foreign trade is not too good. For example, one of the largest buyers of Venezuelan oil — India — refused to use cryptocurrency in payment for raw materials, although proposed a 30 percent discount.