Iran wants to launch its own cryptocurrency

By Floriane on the 01/03/2018

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A new theatrical turn on the part of Iran, which never stops to return his jacket about cryptos. The Minister of Information and Communications, Mohammad-Javad Azari Jahromia, spoke on February 21, the development of a collaboration between the state and the Post Bank of Iran (one of the nationalized banks of the country) . This collaboration could well lead to the launch of a cryptocurrency government in Iran. After the Venezuelan Petro, should we expect the upcoming launch of a virtual currency Iran? Nothing is less certain, as Iran seems to be searching on the subject. Back on the hesitations of a country that seeks its place in a game at once very risky and very tempting.

Iranian administrations divided

The main problem of Iran remains the lack of unity of its actors in the face of the cryptocurrency issue. While there was little, the High Council of Cyberspace Iran was very enthusiastic about it, the Central Bank qualified only extremely dubious and risky: "Large fluctuations in digital currencies, as well as competitive business activities via Network marketing and pyramid schemes have made the market for these currencies very unreliable and risky. "

The government, meanwhile, has constantly changed its position, seeming to dance from one foot to another, facing such a complex issue. Initially opposed to their use and calling them illegal, it has positioned themselves in their favor by declaring wanting to facilitate the use of Bitcoin in the country. The idea has, for the moment, been abandoned and the government's position is still mixed with crypto-currencies, so that it is rather difficult to know the value of the recent information provided by Mohammad-Javad. Azari Jahromia.

An Iranian crypto?

Mohammad-Javad Azari Jahromia said on Twitter: "During a meeting on crypto-currencies and blockchains with the Post Bank of Iran's board of directors, we used the country's best capabilities to to decide on the necessary measures for the pilot creation of the country's first digital currency. An experimental model will be submitted for evaluation and approval of the country's banking system. "

At present, we do not have information on the conditions of use of this currency, its possible underlying (as is the case of oil for the Petro), or the technologies used. Iran seems only determined not to miss the mark of a "crypto-revolution": "We have so many countries, from Venezuela to Turkey, who now intend to launch their own cryptocurrency, the Iran fits in just this change. Those who adapt will survive and others will perish. Change is inevitable. (Ebrahim Hanifnejad, Tehran investment banking analyst).

While we can expect many national crypto-currency creations in developing countries, it is difficult to imagine creating a crypto-euro or a crypto-dollar.

In the EU and the US, priority will be given to establishing a legal, fiscal and legal framework that will allow for a reliable and efficient democratization of cryptocurrencies. The situation is less clear in the United Kingdom. Everyone his way to take the train on the move ...

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