Bitcoin Forum

Digital currency fever: After central bank ban, Iran develops own national cryptocurrency

It has been only last week that the central bank of Iran prohibited local banks and credit institutions from dealing in cryptocurrencies like bitcoin in the wake of rising concerns regarding money laundering. The country is going through a currency crisis as Rial dropped down to its lowest ahead of the possible return of sanctions from the US.

Continue reading: https://coingape.com/iran-next-with-national-cryptocurrency/

National cryptocurrency? What is that?
As, they worry about money laundering, so most probably, they want to create something which they can control transactions. Before trying to create that, they should know that they are not create a cryptocurrency. A cryptocurrency must be decentralized.

We do not know their actual intention of what they are going to do with their national currency and how are they going to stabilise their currency as well.The main reason for adopting their own cryptocurrency would be to improve the transparency and also avoid money deficit so that the whole process can be decentralised and also imcrease the no of transactions as well.

instead of constantly making poorly researched articles on your website you need to do some quick search at least on the internet to see what is happening then write copy paste some content.

the ban happened last week or maybe 10 days ago but the plan for creating a new centralized cryptocurrency was in motion a couple of months back. the banks even made an official announcement and invitation for everyone who can to join them in making the currency.

wow, so i think pretty small countries are laying their cards on this game better than big countries.

This move might have some influence with its allies, specifically russia, since they are open to cryptocurrency, no doubt sooner or later its allies will also venture in it, and since the US think they can control everything, this time they might use a crypto currency that will be used in order to transact oil rather than using petrodollar, and since their country had been at war for sometime, they might see the use of cryptocurrency differently than those at west, who use cryptocurrency more of an asset than as a currency,  hopefully there maybe peace in the middle east once they all have their own cryptocurrency, instead of using the petrodollar.

You are right. It's the best use of cryptocurrencies for the countries that have trouble in international transactions. Cryptocurrecnies can be useful for making transactions without permission of a third party. And there is a high probability that Iran will create a cryptocurrency for such purposes.

Very suspicious how all the countries with hyperinflation look to create a cryptocurrency... E.g. Venezuala, Greece and now Iran. This must be some way of sucking money from outside countries into their country like a cash injection. Most of these countries have sanctions on them by the US and EU which prevents the amount of money that can enter and leave the country, and the trade they can do with the rest of the world. This is probably just an attempt to briefly save their failing economies by tricking the rest of the world into investing.

If fiat money in their country is low and it can greatly affect the state finances, and with the solution of creating my own crypto money like that I think that's a very good idea for a country.

this is what makes the bitcoin value back falling again, and I observe it as planned when bitcoin will end the correction, and when bitcoin will recover from instability, FUD suddenly comes to make the crypto market back down.

there is someone who can explain to me! why ?

How can digital currency fever but develop cryptocureencey, in my opinion cryptocurrency in it there bitcoin and some other coin. So how do they forbid bitcoin while bitcoin is part of cryptocurrency, so if I can argue let bitcoin be one part of the development of the era against technology so that we can all feel from the development of that era, maybe bitcoin is created to keep the social gap too high between rich and poor so there is economic development because everyone can feel what others feel

It could be possible if they get pushed by the US.
Financial independence is easier with crypto.

In my opinion, it is a foolish idea to create a state crypto currency. Since the main purpose of the cryptoworld is independence from the government

How true bitcoin becomes a national cryptocurrency? National means sovereignty and is government embodied. Is this even possible knowing that bitcoin is decentralized?

it is the technology and being open source means anyone can use it for anything they like. the main purpose of bitcoin is being decentralized, independent and all that but this is not the purpose of cryptocurrency.
the main purpose of a cryptocurrency is to be a currency based on cryptography which brings speed, security and easy control. this can be very useful in a payment system too which is why a lot of countries/banks are looking into it.

I can not understand how the crypto currency can be "National"!! This completely contradicts all the logic of crypto currency!

lol. wait what? bitcoin isn't the the topic it's all about iran making their own cryptocurrency i suggest that you should read the OPs post before posting lies just make up your signature campaign required posts in order to be paid.

huh? i don't think that being "National" contradicts the purpose of cryptocurrency since they making payments more faster and easier but the problem is it is only centralized. This only contradicts the purpose of bitcoin not all cryptocurrencies sine they have their purpose

Yes they are just going to create a digital currency.Already,iran discussed about accepting bitcoin as a secondary currency to avoid US sanctions But now,totally they have taken a U turn.

Wow so this is a mass adoption. i'm sure that neighboring countries or muslim countries will adopt the blockchain technology with this kind of system i'm sure Iran could help the asian borders to accept bitcoin and cryptocurrency as the main currency of the future.

If Iran does or uses the national crypto currency I think it's pretty good to anticipate the fear of money laundering using bitcoin, but I think the bitcoin wallet is also easy to track.

hoping this news help to explore crypto currency in the middle east country's and hope all country under the muslim communities follow to accept crypto currency and iran encourage their neighbor to adopt new technology for the faster ways of transaction for their economy growth.

Of course the authorities want to take control of what they do not control not in their interests to do so that humanity would be free in its choice if so there will be no need for politicians and in their government

Its a very good thing they are making their own cryptocurrency if the other countries do the same thing like Iran did we will see the era of cryptocurrency soon

Crypto prejudices the world countries for the money world. Iran is seen as one of these countries. It is a powerful state in the money market. There is an effect on the virtual money market.

Iran is governed in accordance with Islamic laws, which heavily regulate the banking sphere. In general Islamic economists ban everything that is not created by work. You cannot make ‘profit out of thin air’. To my understanding, to a certain extent cryptocurrencies fall into that category.

I really do not see the need for individual countries to create their own national cryptocurency, especially by a country that heavily regulates any banking activity. What's more important is them to open up their countries for blockchain startups to thrive without fear of getting the hammer.

Very good point. I agree with you completely. This whole scheme seems fishy in my opinion and I would not trust centralized currencies unless they proved themselves to be completely legit like Ripple. This kind of news would most likely not have a big effect on the cryptocurrency market. Many other countries might follow this path in order to save their economies in a smart manner and they might actually attract a plethora of investors provided they market the coin brilliantly.

I wonder what they're counting on. It seems to me that these statements are not worth anything. It seems to me that they need to look at the fate of the cryptocurrency issued by the Venezuelan government. The cryptocurrency market is attractive only when it is fully decentralized. Cryptocurrency that is controlled by any government is waiting for the collapse.

I don't understand this matter at all. Why would they create national currency if their central reserve bank has lardy banish the idea of using crypto currencies. If that is so then the pieces are not fitting together here at all. If they have themselves created this ban then how can they themselves have approval of the nation crypto currency. There two different entities here one is central bank and another is government itself. May be they will have to go hand in hand to operate successfully and form one decision only.

In countries facing troubles in international transactions, especially those that are being sanctioned by the United States, it may be a good solution to create and use my own cryptocurrency, wishing them a good solution to these problems.