IRAN TO LAUNCH IT'S OWN CRYPTO CURRENCY TO FIGHT INTERNATIONAL SANCTIONS

The Iranian government has decided to fight International sanctions impossed on it by US led forces by issusing its own crypto currency. After Petro coin launch by venezuela, Iran is the second oil major country to planning to launch its own crypto currency.Although the plan is still in the pipeline stage only but the reports by the state controlled media agecies suggest that the name would be IRANIAN GOVCOIN.

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The Iranian Directorate for Scientific and Technological Affairs of the Presidential Office already has a plan on his agenda to create a national cryptocurrency, according to Iran’s Press TV. It was announced by Alireza Daliri, the Directorate’s deputy for management and investment affairs. He told the ISNA news agency that a large number of homegrown Iranian tech companies have the skills to develop a digital currency. However, he emphasized that, “they would still need to work on removing the pre-launch flaws.”
These tech companies are working with the central bank of Iran to fecilitate this move.The currency would facilitate the movement of money to and from anywhere in the world to Iran at the time of sanctions.With president Donald Trump increasing the preassure on the Iran regime the move does not come out as a complete surprise as its is similar to move planned out by Venezuelan Government by introducing the Petro coin.

After the talks in may between the Iranians and Russian legislators it is believed that the this move by Iran is backed the Russians.Mohammad-Reza Pourebrahimi, who seats the Iranian Parliamentary Commission for Economic Affairs, raised the thought amid a gathering in Moscow with Dmitry Mezentsev, the Chair of the Federation Council Committee on Economic Policy. He stated,
“share our opinion. We said that if we manage to move this work forward, then we will be the first countries that use digital currencies in the exchange of goods.”