Iran’s national crypto now on its path to the banks
Under an imminent threat of the U.S. sanctions, Iran is trying to put up its crypto model in an ‘expedite’ mode. Currently finishing its pilot stage, rial-backed Iranian crypto will first head to the commercial banks.
At this point, there’s still not enough information available on the mechanics and specifications of the developing currency. It’s only known that it’s being developed for the Iranian Central Bank by Informatics Services Corporation (ISC), one of the major Iranian financial software companies. According to the developers, the backing will be one-to-one with the national currency, rial. The system will presumably have either proof-of-work or proof-of-stake functionality.
Once Iran’s national cryptocurrency is launched to the public, the country will join a number of other state governments worldwide, trying to save their economy struggles with crypto.
Just a few weeks ago, Spain has established rigorous taxation on all crypto assets, Venezuela keeps trying to make people use state-issued Petro, and Russia is working on its own cryptocurrency pegged to the rubble. No one knows how far each of the governments succeeds, but one thing is abundantly clear: crypto’s growth surpasses traditional currency, and the governments cannot ignore it anymore.