Iran to Draft Cryptocurrency Document

Local officials believe that national cryptocurrency can serve as a tool for circumvention of US sanctions
27 August 2018   664

The National Center for Cyberspace of Iran reported on the completion of the bill on the national crypto currency, the Financial Tribune reports.

The draft of the national cryptocurrency was developed in accordance with the instructions of the Iranian President Hasan Ruhani. According to the deputy head of the local Council for Cyberspace, Said Mahdiyyin, his department actively promotes the idea of ​​a national cryptocurrency, which can serve as a tool for circumvention of US sanctions.

Mahdiyyun also noted that the authorities of the country will soon eliminate legal uncertainty in the sphere of cryptocurrencies, since the Central Bank of Iran intends in September this year to clarify the official position on this issue.

At present, Iranian banks and other credit institutions are prohibited from carrying out operations with cryptocurrencies due to concerns of local authorities regarding the risks of money laundering.

Earlier this month, Accenture, a consulting company, published a report stating that the groups supported by the Iranian government and local criminal elements are engaged in the distribution of cryptocurrency ransomware on a global scale.

Switcheo to Launch Cross-Chain ETH-NEO Atomic Swaps

Developers says that the technology of atomic swaps has been known for few years, but is not popular, since its implementation in practice is quite complicated
25 April 2019   55

Switcheo announced the official launch of the atomic swaps feature for the Ethereum and NEO blockchains.

From now on, Switcheo users have access to the inter-block exchange of their own token exchange, SWTH and ETH, which allows for the transfer of assets between two markets represented on the trading platform and makes Switcheo the first decentralized exchange that implements this functionality.

A challenge with existing trustless exchanges is that trades are confined to individual blockchains, limiting the market combinations that can be offered to users” says . With the launch of the new feature, users can now trade conveniently between ETH and NEO markets, while retaining full custody of their funds.

Ivan Poon

CEO, Switcheo

According to the developers, the technology of atomic swaps has been known for several years, but is not widely used, since its implementation in practice is quite problematic. Switcheo lead developer John Wong explained that his team spent a lot of time adapting the process to the user's needs and achieved the desired result.