The News was unveiled in February from a tweet of the young Iranian Minister of Technology: Tehran is working on a cryptocurrency project. It is confirmed and the project is progressing: the experimental model of virtual currency for internal use is finalized, said this minister Saturday. And this, although the Iranian central bank has recently banned all banks in the country to treat cryptocurrencies because of money laundering risks.
“The ban made by the central bank does not mean a prohibition or restriction on the use of digital currencies in internal development,” said Minister of Communication and Information Technologies, Mohammad Javad Azari-Jahromi, more young member of the government, quoted by the Irna news agency.
Venezuela launched in February its own cryptocurrency, Petro, and Russia is considering a crypto-ruble in 2019.
Crisis of the Iranian rial
Iran is trying to stem a currency crisis before the possible reinstatement of economic sanctions led by the United States. The country decided in April to officially unify its exchange rate market and ban foreign exchange activities outside banks. A measure decreed after a fall of the rial to a historic low, caused by the fear of a return of the economic sanctions in case of exit of the United States of the agreement on the Iranian nuclear program.