Iran will issue its own cryptocurrency to circumvent US sanctions

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The Ministry of Science and Technology of Iran, together with the local Central Bank, is charged with developing a digital coin, which will be provided with a national currency, the Iranian rial.

The Iranian authorities intend to issue their own cryptocurrency to circumvent US economic sanctions. This is reported by local media.

The Ministry of Science and Technology of Iran, together with the local Central Bank, is charged with developing a digital coin, which will be provided with a national currency, the Iranian rial. This step will allow making transactions, bypassing the sanctions of US President Donald Trump, which will take effect next month.

“We are trying to prepare the basis for using the local digital currency,” the representatives of the Central Bank of Iran said.

Recall, in May, Trump announced the US withdrawal from the nuclear program with Iran, and then announced the resumption of sanctions since August 6 this year and restricting Iran’s access to the US dollar.

It also became known earlier that the US authorities seized over 500 bitcoins belonging to the Iranians over the past year. The reasons for the confiscation are still unknown since the US federal government prefers to remain silent. Some argue that this is due to an attempt to circumvent US sanctions by coin holders.

It should also be noted that in April the Central Bank of Iran banned the use of cryptocurrency in the country. The reason is classic – the fight against money laundering and the financing of terrorism.

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