Iran Planning to Launch Its Cryptocurrency to Bust U.S. Sanctions

Iran Planning to Launch Its Cryptocurrency to Bust U.S. Sanctions

The Iranian government said in April that it had developed an experimental domestic cryptocurrency.

Iran’s state-sponsored Press TV reported Wednesday that the “plan to create an indigenous cryptocurrency” was moving forward, and the central bank was working with “domestic knowledge-based companies” to develop the digital currency.

“We are trying to prepare the grounds to use a domestic digital currency in the country,” Alireza Daliri, from the technological directorate of the Iranian Presidential Office, told local media, per Press TV. “This currency would facilitate the transfer of money (to and from) anywhere in the world. Besides, it can help us at the time of sanctions.”

Iran isn’t the only country to turn to cryptocurrencies as a sanctions-busting tactic. Venezuela earlier this year launched a virtual coin called the Petro, which it linked to the South American country’s oil reserves. The U.S. responded by banning Americans from using the Petro.