Iran: Model Of State-Issued Digital Currency Now Ready, Says Gov’t Minister

An Iranian government minister has confirmed that an experimental model of a domestic digital currency is now ready, Reuters reported Saturday, April 28. The move closely follows the country’s recent banking blockade on cryptocurrency trading.

Information and Communications Technology (ICT) Minister Mohammad Javad Azari-Jahromi was quoted by state news agency IRNA as saying;

“The central bank’s [ban] does not mean the prohibition or restriction of the use of the digital currency in domestic development […] Last week, at a joint meeting to review the progress of the [domestic cryptocurrency] project, it was announced that the experimental model was ready.”

Minister Azari-Jahromi first tweeted of the Post Bank’s plans to develop a “cloud-based digital currency” for Iran’s banking system on February 21:

“A meeting on Blockchain-based digital currencies with the board of directors of the Post Bank set out the necessary measures for an experimental implementation of the country’s first digital currency […] A pilot model for review and approval will be presented to the banking system of the country.”

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