Iran continues to develop the crypto-currency national despite the ban on the central bank

Iran has developed its own crypto-currency, a project that has given rise to a digital currency and local experimental. However, the country’s central bank banned transactions of crypto-currencies in Iran. Iranian minister of Technologies of information and communication technology (ICT) was held to shed light on this project. He also explained his alleged use to escape international sanctions.

Check out below a video in English giving the details of this case :

Iran is embarking on a project of encryption

Iran’s minister of ICT, Mohammad Javad Azari-Jahromi, has revealed Saturday that the country is in the process of developing a crypto-currency. Last week, during a meeting aimed to review the progress of the project, it was announced that the virtual currency experimental was ready. His statement comes after the ban of crypto-currency by the central bank of iran. The minister clarified that this ban will not affect the efforts of the government.

Source : The Blue Diamond Gallery. Iran is developing a crypto-national currency to avoid international economic sanctions.

Azari-Jahromi is the youngest minister in the country. He is in favour of innovation. The research department of the ministry of ICT as well as the research institute of financial and monetary of the central bank have worked together to review and develop a legal framework for crypto-currencies. This decision would have been taken in order to escape the economic sanctions of the european Union and the United States.

Ban the iranian central bank

Concerning the prohibition of the central bank of the country on the subject of digital currencies, Azari-Jahromi stated that this position would not impact on the development of this crypto-currency. According to the minister of ICT, crypto-currencies can change the model of financial exchange in the country.

Azari-Jahromi stated that this prohibition does not mean the restriction of the use of virtual currency for the economic development of the country. This initiative will enable Iran to cope with the new set of economic sanctions of the EU and the United States.

Source : NewsBitcoin