Iran Allegedly Plans To Adopt State-Backed Cryptocurrency Today

The U.S-imposed sanctions continue bringing trouble not only to China, but also to Iran, so much that the Islamic Republic intends to adopt its own state-backed cryptocurrency today, January 29.

Reportedly, the Iranian government plans to make an announcement regarding to the digital assets at the Electronic Banking and Payment Systems Conference, which takes place in Tehran today. Unfortunately, the financial system was damaged, Iranian financial institutions are not able to conduct transactions and relate with the rest of the world due to the sanctions’ enforcement. From the citizens point of view, the possible variant to avoid a full financial blockage is to adopt crypto.

According to the news outlet Al Jazeera, the cryptocurrency, called Rial, will be rolled out in two phases.

  1. It will be utilized for making payments between Iranian-based commercial banks and other internal organizations in the domestic crypto space.
  2. Public access to the currency to make payments for local goods and services.

We remind you that the sanctions were imposed by the Donald Trump administration due to “malign activities” being carried out by the state. The biggest restriction is inability to use SWIFT system. Citizens are unable to make and receive payments for foreign trade activities and a wide range of other international transactions. That is why government deepened into research for other possible variants of conducting the cross-border transactions.

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