Iran to Plan National Crypto as US Sanctions Loom

According to official, the tokenized analog of the Iranian rial will help strengthen the rate of the national currency
26 July 2018   513

The Department of Science and Technology under the Iranian government plans to develop a national cryptocurrency. CoinDesk reports that the project will be implemented in cooperation with the central bank of the country and will be a response to US sanctions that will take effect next month.

We are trying to prepare the grounds to use a domestic digital currency in the country.

lireza Daliri

Deputy head in charge of investment affairs, The Department of Science and Technology

According to Daliri, the tokenized analog of the Iranian rial will help strengthen the rate of the national currency, stimulate the growth of domestic and external payments, and, in general, help the country circumvent US sanctions.

Also, according to the official, during the next three months the department will be engaged in the integration of blockchain technologies into the infrastructure of the central bank. In this case, the internal crypto currency will be used primarily for settlements with local commercial banks.

Official position of the Iranian government on the cryptocurrency is very strict. So, since May of this year, Iranian users of exchanges and have problems with access.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   95

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.