The Iranian authorities are planning to create a national digital currency, which will reduce the state’s vulnerability to US sanctions. This was the statement of the Minister of Information Technology and Communications of Iran Mohammad Azari Jaromi.
The Minister noted that the use of cryptocurrency is widely spread internationally and Iran needs to develop its own mechanisms to maintain the pace of development with other states.
According to Jaromi, the project will be implemented under the leadership of the Postal Bank of Iran. In the near future, the banking institution will announce a tender for the development of cryptographic platforms. The minister invited all technical specialists of the country to participate in it.
In November 2017, Iranian parliamentarians announced plans to legalize Bitcoin as a legal tender in the country. Now, the Central Bank of Iran has stated that it has never recognized bitcoin and other crypto-currencies as a legitimate means of payment within the borders of the country and pointed to the high risks of investing in these assets.