Iran Next In Line With Its National Cryptocurrency

[rodel caling]

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/

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.

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[richman3451]

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

[raahi]

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

[Arcoin1]

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.

[valessiobrito]

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.

[Fenderr]

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.

[Haunebu]

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.

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.

[Lancusters]

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.

[trecore4]

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.

[scrtrp]

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.