[2019-2-1]Iran to Use its Cryptocurrency in Trades with Europe, UK, Russia and S

[Vladdirescu87]

The head of Iran’s Trade Promotion Organization (ITPO) has said that the country is in talks with senior representatives from 8 nations to begin transactions with its ‘IranCoin’ - the newly created State-backed digital currency, Crypto-Rial, according to Tehran Times, a local news outlet.

Iran is now the second nation after Venezuela to establish its own digital currency to circumvent US economic sanctions. Iranian authorities began negotiations with 8 other nations to present its new innovation as an option to U.S. dollar.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/iran-use-cryptocurrency/

[elda34b]

Nice news. More and more states are looking to make their own stable coin. Will Tether dominance died after this?
Seems like US influence will slowly fade from the market, as people can use blockchain and crypto to outclass the US.

[Kakmakr]

These GovCoins <wannabe Bitcoin> will never be successful. What prevents a government like Iran to increase the coin cap in the protocol or some other parameter in the code that would devalue the coin? The reason why public coins like Bitcoin is successful is the fact that no government has control over the decision making and everything is done with consensus from the public.

I would never trust a GovCoin that are backed by centralized decision making that are done by a rogue government. Just look at what happened with Zimbabwe and Venezuela when they are in control of money supply. 

[squatter]

Nice news. More and more states are looking to make their own stable coin. Will Tether dominance died after this?
Seems like US influence will slowly fade from the market, as people can use blockchain and crypto to outclass the US.

I wouldn't risk touching the "IranCoin" or "Crypto-Rial." Doing so could get you implicated in violating US sanctions, even as a non-US resident. Who wants to take that risk?

I still don't really understand how this works. Most Iranian trade is done in Euros and they need a replacement for SWIFT for interbank transfers. How does a state-backed cryptocurrency solve this problem?

[snipie]

These GovCoins <wannabe Bitcoin> will never be successful.

Yes it will never be a clever move unless it replace the actual FIAT currency in a cashless society which is unlikely to happen soon...
This crypto-Rial thing is still ambiguous with its 1:1 to Rial. How it will be distributed? Other countries will exchange Euro with crypto-Rial? Iran will pay others with its new cryptocurrency?

[rodel caling]

this is good news more and more country interested to create their own coin, I hope my explanation can understand by the people against the country creating own coins.
Every country was have a freedom to create local digital currency this nothing different from fiat money every country have an own local currency circulating in whole country and their local fiat are convertible into dollars same as in crypto local coins are allowing to convert into bitcoin.

[squatter]

This crypto-Rial thing is still ambiguous with its 1:1 to Rial. How it will be distributed? Other countries will exchange Euro with crypto-Rial? Iran will pay others with its new cryptocurrency?

I really don't get it. How is it any different than just using the Rial? The non-Iranian counterparty can't pay their supply chain with Iranian currency. They need to use banks to exchange the Rial or crypto-Rial back to a usable currency like Euros. These banks will be subject to sanctions and blocked by SWIFT, same as now. It doesn't solve anything.

[hatshepsut93]

Sounds like fake news, because recently IRAN and EU have been discussing a new trade mechanism calling INSTEX, and there's no mention of blockchain or crypto:

https://www.cnbc.com/2019/01/31/eu-implements-new-iran-trade-mechanism.html

https://www.euronews.com/2019/01/31/eu-nations-launch-mechanism-to-trade-with-iran-euronews-answers

But the key detail here is that this will be for non-sancionable trades only, like food and medicine. EU is still not going to buy Iranian oil and gas. And the US is still saying they would punish anyone who deals with Iran.

And to those who are saying this is good news, think again, Petro was a major fail, it might even only exist on paper, and none is accepting it, not even Russia or other rogue countries.

[btyco]

This is good news for crypto in general as all of these shite government issued coins are likely to be tradeable with bitcoin. They will all switch, no point holding a coin controlled by the government

[Naida_BR]

I don't think that this is going to be successful. These centralized coins are so bad and have nothing to do with Bitcoin. What surprises me is that, if Iran has agreed with France, Germany etc to make a trade with this coin that means that France, Germany etc are going to accept IranCoin? It is a good step for cryptocurrencies if this happens...

Next country that needs to develop a cryptocurrency to avoid US sanctions is North Korea...Let's see!

[gabbie2010]

I have feelings that all those government backed coins wouldn't survive in a long term the outcome of Venezuela introduced petrof had not yield any meaningful or positive impact to their economy partly because it is centralized yet Iran had come up with another shitcoin, from my point of view they should have adopted bitcoin just as Zimbabwean in order to cushion effects of sanctions or inflations in their respective economies.