IRAN TO LAUNCH ITS OWN CRYPTOCURRENCY, GOOD OR BAD FOR CRYPTO ADOPTION?

[matthewio]

A few months back, we had Venezuela launching its own cryptocurrency- The Petro, now we have some announcement than IRAN will  be doing same soon, 'Govcoin' as it will be called is meant to help the Iranian Government boycott international sanctions.It seem other countries with similar restriction will be exploring the blockchain to achieve similar goals.I have my reservations about government-issues cryptos, do you think this is healthy for the cryptocurrency in general?

SOURCE:https://news.bitcoin.com/the-iranian-government-is-preparing-to-launch-its-own-cryptocurrency/

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[BrewMaster]

a while ago when Venezuela created their very own centralized cryptocurrency i said soon we will see other countries to follow. and now it is happening. although in this case i am interested to know HOW they are going to "boycott international sanctions" though? it is still going to be tough making a trade even if you use another means of "medium of exchange"

how this affects the cryptocurrency adoption depends on the country's approach. based on what i saw from Venezuela they started educating their people about cryptocurrencies and bitcoin so the bitcoin adoption also grew. so i guess we can say countries that take that approach can increase the adoption of cryptocurrencies in general also.

[peter0425]

No effect at all for crypto. Do you realized what's the reason for them to lauch their own crypto? Its because they want to circumvent the possibility that they would be a heavy embargo against them by the West. So in anticipation and to looks like they have to find a way and somewhat legitimize it, they will have to go under crypto and hide it. And what's interesting is the individuals or nations who will buy and support them. YES. it will be the same nations that are anti-West. But for the effect, on crypto market, I don't see anything weird (good or bad) that will happen to us so there's no significant effect whatsoever, imo.

[mr.nby]

A few months back, we had Venezuela launching its own cryptocurrency- The Petro, now we have some announcement than IRAN will  be doing same soon, 'Govcoin' as it will be called is meant to help the Iranian Government boycott international sanctions.It seem other countries with similar restriction will be exploring the blockchain to achieve similar goals.I have my reservations about government-issues cryptos, do you think this is healthy for the cryptocurrency in general?

SOURCE:https://news.bitcoin.com/the-iranian-government-is-preparing-to-launch-its-own-cryptocurrency/

What impact the creation of this cryptocurrency will have on the market will turn out only after its creation. For now it is too early to judge whether it is good or bad. Will it be possible to avoid sanctions imposed on Iran in this way? We also have to wait for it. If it succeeds, then other countries in a similar situation can go this way and start creating their own cryptocurrencies.

[LeGaulois]

...cryptocurrency centralized... and perhaps not even using cryptography, just a pure scriptural money with a database server. And on the top of that, I doubt a lot of countries will accept to deal with Iran using this currency. I agree they're just trying to bypass any embargo.
Not much to get excited about other than the the technical side

[gentlemand]

There's a reason things like the dollar, EUR and gold are used in international trade. Enough people no matter where they are can agree that they're worth something.

A 'national crypto' conjured out of thin air is a slightly less enticing proposition to everyone except the sweaty man trying to offload them. I'm really intrigued to see what becomes of them. Very little is my guess.

[The Sceptical Chymist]

It's Iran, and the news is meh.  I can see why Venezuela would want some sort of cryptocurrency, since what they have now is obviously not cutting it--but the people of that country could have adopted one of the established cryptos, I think.  From what I've read, usually when there's hyperinflation the go-to asset is another currency (like the USD) or gold & silver.  People need something of value to use, and honestly I'm not sure why something like bitcoin would appeal to them, given how volatile it is.

I don't have any prediction as to how the Iran thing is going to affect crypto.  My guess is that it probably won't, but it'll be interesting to see how it all plays out.

[mostkey]

The effect is not all bad it will surely add value in the launch of a coin for Iran, if Iran is smart in managing cryptocurrency I'm sure there will be a lot of enthusiasm in the community, maybe not concentrated on one coin and will be more than that, everyone wants more valuable coins like Bitcoin , major adoption is likely to happen in the next few months, Venezuela has established itself to be more reorganized and well received by the people, now is the first step of Iran following the development that should occur in the economic development of the country, I hope there are many countries others are thinking about this.

No effect at all for crypto. Do you realized what's the reason for them to lauch their own crypto? Its because they want to circumvent the possibility that they would be a heavy embargo against them by the West. So in anticipation and to looks like they have to find a way and somewhat legitimize it, they will have to go under crypto and hide it. And what's interesting is the individuals or nations who will buy and support them. YES. it will be the same nations that are anti-West. But for the effect, on crypto market, I don't see anything weird (good or bad) that will happen to us so there's no significant effect whatsoever, imo.

Come do not think too much, everyone expects a good achievement for cryptocurrency.

[aoluain]

I also wouldnt be able to state the effect this will have on crypto.
I suppose it wi gjve those people in Iran and Venezuela the chance
to get used to 'digital currency' and the similarities to decentralised
crypto.

Its slowly changing, all that is needed now is for a few more countries
to make the move it more shoukd follow.

[audaciousbeing]

A few months back, we had Venezuela launching its own cryptocurrency- The Petro, now we have some announcement than IRAN will  be doing same soon, 'Govcoin' as it will be called is meant to help the Iranian Government boycott international sanctions.It seem other countries with similar restriction will be exploring the blockchain to achieve similar goals.I have my reservations about government-issues cryptos, do you think this is healthy for the cryptocurrency in general?

SOURCE:https://news.bitcoin.com/the-iranian-government-is-preparing-to-launch-its-own-cryptocurrency/

Most countries laughing their own crypto currency are doing it for one main reason which is to avoid sanctions from world powers and from my own point of view, its done for the wrong reasons because the same way they are scheming ways to avoid the sanctions, so also is the other governments would be working so hard that all the efforts become futile. Launching a crypto currency should go beyond avoidance but acceptance. They can only control the use of it in their own locality but what then happens to those that want to trade with them? Would they also enforce the rule on them? Unless they want to operate in the black market, I don't see this as a lasting solution to the problem being faced at all.

[bitbunnny]

Iran it's not the first country who introduced its own cryptocurrency. Having in mind previous experiences this is just another crypto that will not affect the crypto world at definetely will not influence on Bitcoin.
Although Iran is controversial country and this might also connected with terrorism financing I don't expect any negative or positive reflection.
This will more or less be used only in promotion purposes.

[willy92wins]

Its too soon to tell. Probably this will give crypto more visibility, but at the same time it will give ammunition to crypto enemies so only time will tell what is gonna be the biggest factor.

[johny1512]

I will admire that step which iran is going to take niw because America is considering them as the don or God father of the world and they are divtating world but IRAN IS the only country who is stamding like a man infromt of USA samctions for long long 36 years . Salute to their determination

[Pab]

Neutral why Iran can't have his own cryptocurrency
why not because america not agree
Much more interesting will be to observe how it done and will it works for Iran

For sure when china will launch his digital yuan it will be huge

There are good economist in USA who are saying that USA needs to launch his crypto
from pragmatic reasons save on costs

[bartolo]

In terms of adoption, I suppose that this coin can increase the number of cryptocurrency users in the country, so it can have a positive impact, although quite limited. However, leaving aside that I am quite skeptical with these state cryptocurrencies, the reason why these coins are being launched is a bit worrisome because in the event that these countries were successful and effectively managed to avoid international sanctions, the governments that have imposed these sanctions could take quite tough measures against cryptocurrencies in general. So far they have only forbidden their citizens to buy these coins, as the United States has done with respect to Petro, but you never know what can happen if they decide to take more severe measures.

[mindrust]

The article doesn't say anything about it though I think It will be a token on ETH chain probably. I can't see any other choice for a gov coin.

As a country which is being ruled by a centralized entity, they'll surely want the control of their money. If they come up with something like bitcoin or ethereum where you mine coins with GPU/ASICs, a giant company would fuck everything up. They can't risk it happening so...

btw, don't post those half ass shitty bitcoin(dot)com articles. That article is pure garbage.

Read this one it covers much more.
http://fortune.com/2018/07/26/iran-sanctions-cryptocurrency/

[drachman]

A few months back, we had Venezuela launching its own cryptocurrency- The Petro, now we have some announcement than IRAN will  be doing same soon, 'Govcoin' as it will be called is meant to help the Iranian Government boycott international sanctions.It seem other countries with similar restriction will be exploring the blockchain to achieve similar goals.I have my reservations about government-issues cryptos, do you think this is healthy for the cryptocurrency in general?

SOURCE:https://news.bitcoin.com/the-iranian-government-is-preparing-to-launch-its-own-cryptocurrency/

I really think that while a government creating their own cryptocurrency is irrelevant to our market at the same time I like the message this is sending to the world, banks no longer have a monopoly on the market and now they got competition and not matter what they do this is not going to change, this show to us that even governments are choosing cryptocurrencies as a way to deal with blocks from banks and if governments can do that then the power cryptocurrencies gives to the individual is enormous.

[dev9t9ok]

Iran and Venezuela have oil based economics and both of them are under the political pressure. The intention of Iran is obvious Iran is going to decrease quantity of dollar payments by replacing them the payments in the new crypto currency. I think that it is positive news for the whole crypto market that another one country us going to join to the crypto market and keep in mind that Iran is a quite rich country which can contribute on evolving crypto technoligies.

[tomahawk9]

how this affects the cryptocurrency adoption depends on the country's approach. based on what i saw from Venezuela they started educating their people about cryptocurrencies and bitcoin so the bitcoin adoption also grew. so i guess we can say countries that take that approach can increase the adoption of cryptocurrencies in general also.

Wrong.

The cryptocurrency adoption in Venezuela didn't grow because they're "educating their people about cryptos and btc", adoption is growing mainly because people figured out on their own that:

1)they could make more money by holding X or Y crypto than by working a regular job just to earn about $3 or $4 (based on the USD black market in Venezuela, that's pretty much the minimum wage).
2) it's much easier for them to pay for something in USD (using cryptocurrency, or something like Paypal) than with their own worthless currency.
3) Selling USD in the black market has become the main source of income for many people over there, cryptocurrencies are usually sold at a higher price for Bolivares, meaning that their popularity skyrocket overnight.

Source: have some friends with relatives living in that country.

[the13thsymphony]

Too Iran it can be either a good thing or a bad thing as how much can a they cryptocurrency can benefit in people and the government or it can only be used by corrupt officials as they can go to a centralized route with out putting emphasis to putting the system into the hands to its countrymen. Also if that happens it will not move much in the cryptomarket as it will only target a certain country.