Iran Steps Up Plan for National Crypto After US Sanctions

Right after Washington’s move to impose sanctions that will restrict Iran’s access to US currency, reports came out that Tehran is speeding up the project to develop a national cryptocurrency. Officials in the Islamic Republic believe the state-issued coin could help circumvent the restrictions imposed by the Trump administration. Also read: New Bill Proposes 5% Tax on Crypto Incomes in Ukraine Iran to Evade US Sanctions Using Own Crypto Faced with renewed US sanctions, Iran is accelerating the development of its national crypto as the oil-rich nation is looking for ways around the American restrictions. Despite calls from partners and signatories to the Iran nuclear deal, like the EU, Russia and China, Washington reimposed measures targeting the ability of the Islamic Republic to acquire US dollars and trade in precious metals. The United States urged allies to cut all purchases of Iranian oil and president Trump warned that the sanctions will “ratchet up to yet another level” in November. Following the news from Washington this week, media reports from Tehran suggested that the Iranian government is now serious about stepping up efforts to finalize the project for an indigenous cryptocurrency. On Wednesday, a day after the Trump administration restored the sanctions, a high ranking Iranian official revealed that President Hassan Rouhani had ordered the country’s central bank to hold a meeting with other relevant authorities to discuss the matter. They are expected to assess the progress in the development of Iran’s digital money at a time when the fiat Rial…
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