The Central Bank of Islamic Republic of Iran [CBI] issues a statement banning Iran’s banks and other financial institutions from dealing with various cryptocurrencies in the country. But ironically, the Islamic Republic of Iran is going ahead with the development of its state-sponsored cryptocurrency even after its own central government issues a ban on the use of cryptocurrency.

Information and Communications Technology Minister, Mohammad Javad Azari-Jahromi has said that the government’s local state-sponsored cryptocurrency project will not be affected by the bank’s regulations. He has also said that the state-backed cryptocurrency is in its experimental model. It has become ready for testing.

CBI issues the ban on cryptocurrency because the government’s money laundering committee has come to a conclusion that various cryptocurrencies are being used as a means for money laundering, financing terrorism and it has been used for various criminal activities in the state.

CBI plans to unify its open market exchange rates and it has also banned money being changed outside of its banks or financial institutions. The ban comes after Iran’s currency “Rial” has a hit an all-time low.

Iran is coming up with this bold move after Budapest, Hungary introduced “Korona” which runs on the Lightning Network and is being touted as more stable, safer, and cheaper than other cryptocurrencies. Petro [PTR] is launched by Venezuela and backed by the world’s largest oil reserve.

On Saturday, 28th April 2018, the Islamic Republic of Iran’s Information and Communications Technology [ICT] Minister, Mohammad Javad Azari-Jahromi, has said that:

“I believe that cryptocurrencies can have a significant impact on the country’s financial exchange model.However, first of all, research needs to be done in order to introduce this technology to the authorities.”

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