1st Iranian cryptocurrency under CBI permission to be unveiled

TEHRAN, Jul. 13 (MNA) – An official form the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) informed that an indigenized digital money mined under the permission of the Central Bank of Iran (CBI) is to be unveiled.

As Shahab Javanmardi said, the Iranian cryptocurrency is mined in accordance with the agreement of the CBI and by a consortium of Iranian private IT firms.

“The Iranian cryptocurrency is backed by gold but its function is similar to foreign rivals,” he added.

"The domestically encrypted money is to ease optimal use of Iranian banks’ frozen resources," he said.

Underlining lack of required regulations in cryptocurrency sector in Iran, the private sector official urged the government for regularization of bitcoin mining business in the country.

The announcement came just few days after a CBI official announced that all cryptocurrency-related activities are forbidden in Iran.


News Code 147584


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