Iran confirmed the rumors about the release of its cryptocurrency. According to government representatives, this step will help the country to cope with the difficulties encountered because of U.S. sanctions.

As reported Daliri Alireza (Alireza Daliri), Deputy head of investment Department for research and technology plan to develop a digital currency are already included in the agenda of the Ministry. Authorities believe that cryptocurrency will facilitate international money transfers and, thus, will help the economy in the period of sanctions.

The first rumors about the release by Iran of cryptocurrency appeared in the beginning of the year, after Venezuela began pre-ICO Petro token provided by oil. The administration of President Maduro has considered this step as one way to raise the country’s economy, which has suffered from U.S. sanctions. Some analysts believe that Venezuela remained afloat only thanks to Petro. Following the example of the South American country, Iran, which also is under sanctions and cannot import transaction in U.S. dollars, plans to avoid the negative consequences of this situation with cryptocurrencies.

In addition, Iran tightens financial security: it is reported that in the next three months, the banking system of the country will begin using the encrypted key. Technical details on the work of cryptocurrency is still unknown.

Interestingly, last November, the Supreme Council of cyberspace, Iran “welcomed” bitcoin and announced participation in the development of monitoring mechanisms cryptocurrency trading jointly with the Central Bank. But later, in April of this year, the Central Bank of Iran has banned financial institutions in the country to conduct transactions in the digital currency.

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