A recent report by Tehran Times claims that Iran plans to launch its pilot phase of its national cryptocurrency within the next few months. Mehran Moharamian (CBI Vice Governor for IT Affairs) highlighted the potential benefits of cryptocurrency assets to the country’s financial system.
Moharamian believes digital currencies can be used to solve inconsistencies within the financial system. The national cryptocurrency has been a focus of the CBI for several years.
Iran supports the use of digital assets within the region. However, the country’s regulatory agencies recently launched a crackdown against illegal crypto mining activities. Iran outlawed the mining of digital currency in May 2021 ahead of peak electricity demand season.
Iran’s launch of a national cryptocurrency is a step in the right direction to encourage innovation in its financial service industry. The development of a national cryptocurrency was the task of Informatics Services Corporation, an executive arm of Iran’s Central Bank. Later, the company officials stated that the Iranian cryptocurrency was created using the Hyperledger Fabric platform.” Tehran Times reported.