After a huge success of the "Petro", called national cryptocurrency of Venezuela, Iran is also all set to launch its National Cryptocurrency. While Venezuela Government has also announced the launching of another coin: The Oro. This is considered to be a rising trend among countries experiencing sanctions from the US and the internal community as Iran is also on the track to launch its national cryptocurrency.
On Wednesday, 21st February 2018, the Information and Communications Technology Minister of Iran, Mr. MJ Azari announced on twitter where he stated that the central bank of Iran is presumably developing a national cryptocurrency.
On Wednesday, 21st February 2018, the Information and Communications Technology Minister of Iran, Mr. MJ Azari announced on twitter where he stated that the central bank of Iran is presumably developing a national cryptocurrency.
English Translation:در جلسه‌ای که با هیئت مدیره پست بانک در خصوص ارزهای دیجیتال مبتنی بر زنجیره بلوکی داشتم، مقرر شد این بانک اقدامات لازم برای پیاده سازی آزمایشی اولین ارز دیجیتالی کشور را با استفاده از ظرفیت نخبگان کشور به عمل آورد. مدل آزمایشی برای بررسی و تایید به نظام بانکی کشور ارائه خواهد شد.
— MJ Azari Jahromi (@azarijahromi) February 21, 2018
In particular, I had a block-based digital currency, and it required the bank to take the necessary measures to implement the first digital currency of the country using the country's elite capacity. A pilot model for review and approval will be presented to the banking system of the country.Petro, an initiative by Venezuelan Government is said to raise $700 Million while people there are under constant struggle and are starving because of the Huge Economic Crisis and Food Shortage taking place in the country. The President of Venezuela has ordered Companies to accept Petro.
The announcement made by MJ Azari was a result of a meeting with the central bank's board of directors after which Mr. Azari said the meeting covered "digital currencies based on the blockchain.... to implement country's first cloud-based digital currency using country's elite capacity.
This is, however, not the first attempt of a central bank trying to create a national cryptocurrency. China, Singapore, and even the UK have in one way or the other thought of taking similar moves. Russia was also accused in a similar way when rumors circulated that they were trying to create the "cryptoruble" to evade US Sanctions. The Nation, however, has denied such allegations.
Share your thoughts on Nations such as Venezuela and Iran creating their own Digital Currency and what do you think about it in the comment section below.