In an effort to circumvent U.S. sanctions, Iran is moving forward with plans to develop its own national cryptocurrency. . .
State-run Iranian news outlet PressTV reported Wednesday that the Central Bank of Iran is working with domestic technology firms on the project and expects a new national encryption key using blockchain technology will be introduced into the country’s banking system within the next three months.
According to PressTV, an official from the technological directorate of the Iranian Presidential Office made the announcement to local media.
Alireza Daliri, deputy for management and investment affairs, said in a statement, “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. . .
Iran is taking a page out of Venezuela’s playbook with its plan to develop its own digital currency. Venezuelan President Nicolas Maduro introduced the roll-out of its oil-backed “Petro” cryptocurrency last year — also for the purpose of dodging U.S. sanctions. (Read more from “This Is How Iran Is Attempting to Get Around U.S. Sanctions” HERE)