Iran plans to launch a pilot phase of its national cryptocurrency in the near future, according to a recent report published by the Tehran Times.
Iran’s Central Bank of Iran (CBI) Vice Governor for IT affairs, Mehran Moharamian, spoke on the possible benefits of cryptocurrency assets for the country’s financial sector. CBI has been working on the national cryptocurrency for the past few years. According to Moharamian, digital currencies are a solution to inconsistencies in the financial system.
In spite of Iran’s support for the use of digital assets in the region, the country’s regulators recently launched an offensive against illegal crypto mining activities. The Iranian government banned digital currency mining in May of 2021 ahead of its peak electricity season.
Iran aims to promote innovation in its financial services industry through the launch of a national cryptocurrency. “The Iranian Central Bank’s Informatics Services Corporation, which operates the country’s banking automation and payment services network, was assigned the task of creating a national cryptocurrency in 2018. According to company officials, the Iranian cryptocurrency was built using the Hyperledger Fabric platform,” Tehran Times mentioned in its report.
Hyperledger Fabric is an open source, permissioned blockchain platform, launched by The Linux Foundation in 2015. The framework provides unique features for identity management and access control, making it suitable for applications such as supply chain visibility, trade finance, loyalty programs, etc.
An Iranian digital currency began to be developed at the Informatics Services Corporation in 2018. By January 2022 we should have a pilot version available.
According to a report published by the Mehr News Agency last week, CBI and Iran’s Ministry of Trade have reached an agreement permitting international business payments to be settled in digital currencies. It is reported that the government has finalized a method of settling international transfers by using digital assets.
“It is our aim to develop a mechanism for the system’s operation that will give importers and exporters new opportunities to use cryptocurrencies abroad,” Iran’s deputy minister of Industry, Mine and Trade and head of the Trade Promotion Organization (TPO), Alireza Peyman-Pak, claimed in an interview with the local media.
Approximately 100 nations are currently developing sovereign digital currencies, though only a few have reached the pilot stage. China indeed is leading the way.
Due to the harsh economic sanctions imposed by the United States on Iran, the country has experienced significant financial and economic difficulties. One reason it remains in touch with digital assets despite some problems is because it has experienced significant financial and economic difficulties.