• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee

Iran’s State-Backed Cryptocurrency Project Moves Forward After ‘Banning’ Bitcoin

Georgi Georgiev by Georgi Georgiev
5 years ago
in News, Altcoin News, Bitcoin Regulation, News teaser
0

The country’s cryptocurrency project doesn’t seem to be affected by the recent nationwide ban by the Central Bank of Iran, prohibiting dealings with all kinds of virtual currencies. In fact, the project’s experimental model is ready.


A Bit of History

Iran’s position on the field of cryptocurrencies has undoubtedly been through its ups and downs. Late last year, we saw the country announcing that it was to take proactive measures towards the adoption of effective infrastructure for Bitcoin (and possibly other cryptocurrencies).

Bitcoin

Following this positive attitude, back in February, Iran’s Information and Communications Technology Minister, Mohammad Jayad Azari-Jahromi, tweeted that the country was considering the development of its very own cryptocurrency.

Yet, somewhere along the road, everything changed as Iran’s position took a definitive turn in the opposite direction. Early last week, the Central Bank of Iran banned all banks from dealing with cryptocurrencies, including Bitcoin. The move was made as an attempt to halt the boiling currency crisis in the country as well as over concerns associated with money-laundering.

And, amidst all that regulatory chaos, Minister Mohammad Jayad Azari-Jahromi went on record, saying:

The central bank’s (ban) does not mean the prohibition or restriction of the use of the digital currency in domestic development.

Yay or Nay? Or Both?

The country’s position, as of yet, seems quite clear – all cryptocurrency dealings should be banned unless it’s Iran itself who is dealing with them by using its own cryptocurrency.

In all fairness, Iran is largely excluded from the major international payment networks such as PayPal, Mastercard, and Visa. Even though not a lot has been shared on the undergoing cryptocurrency project by the country, it could be working towards circumventing these restrictions.

As for a state-sponsored cryptocurrency, Minister Azari said to IRNA, the state-owned news agency, the following:

Last week, at a joint meeting to review the progress of the (local cryptocurrency) project, it was announced that the experimental model was ready.

A Strategic Move or Desperation?

Iran’s current economy isn’t exactly booming. The rial plunged to its all-time low over political concerns, and the country moved to unify its official and open market exchange rate. Also, the Central Bank moved to ban money changing done outside of banks. The Iranian government is very worried about President Trump pulling the United States out of its current deal, which would then see the return of crippling economic sanctions.

While a state-backed, reasoned, properly regulated national cryptocurrency could pose a lot of benefits, especially when it comes to possibly circumventing the currently existing international restrictions, a nationwide ban on cryptocurrency dealings certainly poses a lot of questions.

Is Iran trying to push through a government monopoly on dealing with cryptocurrencies? Please let us know in the comments below!


Images courtesy of Pixabay and Bitcoinist Archives

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Georgi Georgiev

Georgi Georgiev

Related Posts

BitBoy

Crypto Influencer ‘BitBoy’ Arrested Live On YouTube – Here’s What Happened

19 hours ago
Upbit

Upbit’s Dark Hour: Fake APT Tokens Wreak Havoc In South Korea

2 days ago
Barclays

Crypto Investor Barclays Announces Closure Of UK Accounts For British Expats

3 days ago
Friend.tech

New Report Dives Into The Good, The Bad, And The Ugly Side Of Friend.Tech

4 days ago
crypto

Crypto Clients In China Targeted As Singapore Expands Money Laundering Probe

6 days ago
TikTok

TikTok Faces Challenge As Elon Musk Crypto Scams Multiply

1 week ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • Mercante Technologies to Launch AI-Powered Customer Support...

    57 mins ago
  • While Litecoin (LTC) and Aave (AAVE) try to break key...

    22 hours ago
  • Bitcoin (BTC) and Compound (COMP) At the Market Crossroads...

    22 hours ago
  • Next 10x Crypto Gems: 6 Coins Under $0.50 To Buy Now

    23 hours ago
  • TokenCoin — Guide to Earning Passive Income through...

    23 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.