Iran can present its own national cryptocurrency at the “Electronic Banking and Payment Systems” conference in Tehran this week, Al Jazeera reports.
Earlier, the Iranian authorities have already raised the issue of issuing such a cryptocurrency as a tool to circumvent the US sanctions, which were imposed on the country in November and have a negative impact on economic growth opportunities.
In addition to issuing a stablecoin based on an Iranian rial, Tehran can use technology to create an alternative to the global payment system SWIFT, access to which Iranian banks have been closed. Sources expressed uncertainty about such large-scale implementations, but noted that the use of cryptocurrency in a local context, for example in consumer payments, is quite possible.
They certainly can't replace the likes of bitcoin due to their centralised nature, but their existence is harmless. Even as CBCCs may never find widespread everyday use among the general public, they may be able to offer some new features to startups and developers that had to work with centralised bank APIs before them.
Iranian blockchain and cryptocurrency developer
Iranian stablecoin will use a private blockchain, probably one of the variations of Ethereum or Hyperledger. It is assumed that some players of the cryptocurrency market will be able to work with the tool, perhaps even the exchange. At the same time, companies located in the zone of American influence are unlikely to take this step. Suffice it to recall their public rejection of the integration of the Venezuelan cryptocurrency Petro.