Iran Explores Development Of Its Own Digital Currency
Emerging reports have suggested that the Iranian central bank is working on developing a state-owned digital currency.
The Minister of Information and Communications Technologies, MJ Azari Jahromi, made the announcement on Twitter on Wednesday after a meeting with the bank’s board of directors. This report comes just 24 hours after the Venezuelan government made a pre-sale launch of its own cryptocurrency, called the “Petro”.
It had been reported earlier that the Iranian Central Bank is apparently planning to collaborate with other financial institutions to develop a mechanism of “control and prevention” of cryptocurrencies in Iran.
Jahromi has publicly revealed the government efforts to explore a state owned cryptocurrency using blockchain technology. The initiative is in collaboration with the Postal Bank of Iran, a state bank in Tehran.
“In a meeting with the board of directors of the Post Bank of Iran on digital currency based on blockchain, the necessary measures for the pilot implementation of the country’s first digital currency were set out by using the country’s elite capacity. A pilot model for review and approval will be presented to the banking system of the country,” his message read, according to a rough translation.
This would seem to be the latest effort by a government institution to explore the area of developing a local state cryptocurrency. If successful, the Iranian cryptocurrency will likely become the second state owned digital currency after the Venezuelans’ Petro, which reportedly sold $735 million on its first launching pre-sale.
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