Iran exploring its own cryptocurrency, inspiration from Venezuela’s Petro?

Iranian central bank considering its own cryptocurrency.
Following potential footsteps of Venezula, perhaps ways of evading sanctions.

Ken Chigbo Independent Analyst

It is being reported that the Iranian central bank, are currently working on developing a cryptocurrency of their own. This was being suggested by the Iranian minister of information and communications technology, via Twitter.

Similarly, to Venezuela, Iran also have US sanctions against them, perhaps they both have the same cunning ploy with these movements in developing cryptocurrencies. Previously, there were also reports that reports that linked North Korea to cryptocurrency mining efforts and other attempts to use the digital currencies as a way to evade sanctions.

As a reminder, Venezula launched its own Petro cryptocurrency, oil inspired, which raised $735mln in one day. Given its success they are exploring launching another, known as Petro Gold, which this time will be Gold inspired.

In terms of details on Iran’s plans, those are yet to hit the wires as of yet, other than the intentions announced by the Iranian minister.

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.

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