Tehran making own digital currency to neutralize curbs

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US-Iran nuke row

Tehran

Iran is fast developing its own digital currency to circumnavigate impending US sanctions, a counter move that can hike Washington’s rage and revenge, Iranian reports said Saturday.
The sanctions come as Washington prepares not to renege from the international Iranian nuclear framework agreement but also penalize anyone that does business with Iran. It is anticipated that this will bring serious financial consequences to the country’s oil, banking and even its famous carpet trade sectors.
United States is among other world powers who had finalized Iranian nuclear accord unanimously. Observers think much ahead of this bilateral row, that Washington can take into its loop other nuclear nations besides Asian continent.
“We are trying to prepare the grounds to use a domestic digital currency in the country… This currency would facilitate the transfer of money (to and from) anywhere in the world. Besides, it can help us at the time of sanctions,” Alireza Daliri, deputy for management and investment affairs at Directorate for Scientific and Technological Affairs of the Presidential Office told open media.
Iran is not the first country to develop its own crypto-currency in order to sidestep sanctions. Venezuela launched a digital currency called the Petro late last year in an attempt to revive its economy, which had collapsed after the 2014 oil price crash. The South American country is seeking to slow down inflation that the IMF this week said could soon reach 1 million percent.
Iran’s move seems like an about-turn, given that the country’s Islamic Republic News Agency reported in April that Bitcoin and other cyrpto-currencies were banned in the country. The news agency said the Central Bank of Iran cited money laundering and terrorism as reasons for the ban.
Neighboring Pakistan announced in May that in spite of the State Bank of Pakistan banning crypto-currencies, the value of Pakistan’s first and only crypto-currency, PakCoin, jumped by over 60%.—Agencies

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