After Venezuela, Another U.S Sanctioned Country is Set to Have it’s National Cryptocurrency

After Venezuela, Another U.S Sanctioned Country is Set to Have it’s National Cryptocurrency

Iran nationally backed Cryptocurrency

Iran— one of the few countries currently under the Donald Trump-led U.S Government economic sanction has made it known through its Civil Defense Organisation, Brigadier General Gholamreza Jalali, that it will likely launch its own nationally backed Cryptocurrency.

Iran After the US Sanction

Since Iran got sanctioned by the U.S government it has become increasingly difficult for the country to conducts intentional trades. Another resulting effect of the sanction is the crumbling of its national currency’s value. The Iranian national currency, Rial, has lost most of its value when pegged against the dollar or any other top currency.

As a result of this economic weakness, the Iranian Government has made it known that it is going to explore every possible option to revive its economy. The country has however made it known that the development of a nationally backed cryptocurrency seems like the favorite option at the moment.

Going by the statement of Jalali, that:
“cryptocurrencies can help bypass certain sanctions through untraceable banking operations”.

National Crypto

It seems the country has already made up its mind as regarded launching a national crypto.

In a recent interview, Jalali also made it known that:
“Iran faced problems with the SWIFT system that’s used to underpin most international money and security transfers.”

He further stated that:
“Our major problem here is the US dollar because the United States uses its national currency to control any country’s SWIFT operations, so we should reduce dependence on the dollar and replace it with another currency”,

From his statements, it is clear that the main problem the country is facing is the inability to use the US dollar as a means of exchanging goods and services. So the government needs to find a way through which it can do its business without having to deal with the US dollar at all.