New statements from the middle east hint that Iran’s central bank is in development of a cryptocurrency that would be overseen by the state government in the region.
Information Technology Minister MJ Azari Jahromi made the announcement via Twitter Tuesday after a meeting with the central bank’s board.
This crypto announcement is significant given that on Monday the govt of Venezuela which, similar to Iran, is now the target of United States financial sanctions – launched its own digital currency, called the “petro”.
It is unknown how the Iranian project would function. If executed under the oversight of the CBI (Central Bank of Iran) the project would symbolize the most recent effort to create a state-backed digital currency by an institution of that magnitude. Several central banks including those from the U.K., Singapore, China and others, have also explored interest in this arena.
In confirmed statements from last November, Abolhassan Firouzabadi, secretary of Iran’s cyberspace authority was quoted as saying that the country would in fact “welcome bitcoin” if it were regulated appropriately.