Government Opinion

Iran is inches away from launching a state cryptocurrency

Due to the increasing exclusion of Iran from world trade activities, there have been past rumours and speculations pointing at the possibility that Iran is inches away from launching a state cryptocurrency.

This has however, always just been regarded as rumous but following the restriction of several Iranian banks from the SWIFT system, this has rendered the country crippled in terms of international trade.

Countries excluded from the SWIFT system find it hard to pay for imports or even receive payments for exports they made.

For this reason, the country is expected to roll out its own cryptocurrency. This announcement of this expected to be made at a two days anual electronic banking and payment system conference due from the 29th of January in the country’s capital, Tehran.

Another proof that Iran is inches from launching a state cryptocurrency is its recent trilateral blockchain treaty between the country, Armenia and Russia as reported by AlJazeera. Russia is also one of the country’s closest allies.

It is also said that Iran is currently busy with an alternative for the SWIFT system, something which the Russian president commented on saying Iran together with its partners, is active on a system that will be fully independent of SWIFT.

The launch is said to be carried out in stages with the firdt stage being a rial backed token that will facilitate the countruy’s banks to make payments with eahc other and with other institutuins within the country.

Whether the cryptocurrency will be a complete replacement of the SWIFT system and will facilitate the country to make cross boarder payments is something still to be seen as the cryptocurrency its self will be far centralized compared to the decentralized cryptocurrencies most are used to.

Do you think Iran is inches away from launching a state cryptocurrency? Let us know your thoughts in the comment section below.

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  1. They will oly do what they did with the pedro anyone holding the currency from western countries will be punished when buying cryptocurrency..

  2. this step may support iron economy

  3. George Bush Jr

    January 28, 2019

    We must defend Irans right to use math