Iran look set to unveil a sovereign cryptocurrency according to reports
- Reports from Al Jazeera suggest Iran are set to announce its own digital currency.
- The country are keen to bypass the economic restrictions of sanctions on Iran.
Iran are stepping up its efforts to circumvent US sanctions. The country is reportedly planning to reveal its own sovereign cryptocurrency, later today at a conference. Sanctions have taken its tole on Iran and they are looking to bypass these.
Al Jazeera reports that following much discussion on creating a sovereign cryptocurrency, in order to deal with the sanctions imposed by the West, they are taking action. They are anticipated to present its project at the Electronic Banking and Payment Systems conference, which will be held in Tehran on today.
Over a year now, Iran has been publicly open about forming its own digital coin. They have continued to cite the pressure from the sanctions of the US administration. Essentially, undoing the deal that allows Iran to pursue its nuclear power ambitions. This move is somewhat similar to that of Venezuela’s Petro. Both have been sought of strategies for dealing with economic restrictions.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
