Iran's Draft To Backed Cryprocurrency

[Phlaser]

Iran’s National Cyberspace Center reveals the draft of the state-backed cryptocurrency project is ready, local news outlet reports.

https://cryptopanic.com/news/2969689/Iran-State-Backed-Crypto-Draft-is-Ready-Central-Bank-to-Soon-Announce-Stance-on-Crypto

Iranians are good to go with Cryprocurrency big time.

[pushups44]

Iran’s National Cyberspace Center reveals the draft of the state-backed cryptocurrency project is ready, local news outlet reports.

https://cryptopanic.com/news/2969689/Iran-State-Backed-Crypto-Draft-is-Ready-Central-Bank-to-Soon-Announce-Stance-on-Crypto

Iranians are good to go with Cryprocurrency big time.

That's one way to bypass international sanctions, though as the Venezuelan Petro has shown, simply creating a cryptocurrency is not enough to convince people of its value. It needs to have built-in scarcity and to be widely adopted by the masses to succeed.

[pooya87]

Iranians are good to go with Cryprocurrency big time.

creating a centralized altcoin by the government is not the same as being "good to go with cryptocurrency"! hopefully this can bring more awareness about bitcoin and increase adoption of it but that would be an indirect effect.

That's one way to bypass international sanctions,

but how would that work?! the form of currency changes not the source. in other words if a country is under sanctions and can't make trades with another country it doesn't matter what form of currency it uses it still can't trade. am i wrong?

[coinpedia240]

This is really amazing news for the market of crypto currency as well as the bitcoin .Different countries which are against of crypt currency are now accepting the crypto currency and this proves that the market crypto currency will be more popular day by day.

[Parodium]

Cryptocurrencies are irrelevant for countries with unstable governments and economies, they won't be the magic bullet that makes everything alright! In fact, the central bank of Iran has already banned cryptocurrencies, so in reality, they're only trying to create a cryptocurrency that their authoritarian government can completely control, probably not something that the people actually want.

[listoncrypto]

The market of crypto currency is getting accepted by different countries now a day. Many countries have started to understand the importance of bitcoin as well as the market of crypto currency. This news also indicates that bitcoin is on the way of becoming wholly accepted in the world.

[squatter]

Iran’s National Cyberspace Center reveals the draft of the state-backed cryptocurrency project is ready, local news outlet reports.

That's one way to bypass international sanctions, though as the Venezuelan Petro has shown, simply creating a cryptocurrency is not enough to convince people of its value. It needs to have built-in scarcity and to be widely adopted by the masses to succeed.

How does it enable bypassing sanctions? If a token is backed by the Iranian state, it will be treated just like the Iranian rial with regard to sanctions enforcement.

Some people argue that using a decentralized currency (like Bitcoin) would make sanctions enforcement harder. That might be true, as the banking system is avoided entirely. But I'm not sure how the mechanics of sanction enforcement works, and to what extent it's really true.

[blackwell77]

Not only is it a good news for the crypto market, but it is a good news for the people and for BTC too. It is being seen that the countries that were initially reluctant about the crypto market are now being very open about it and are accepting it. The market is indeed getting more popular day by day.

[hugeblack]

I doubt the credibility of this news, as the Islamic Bank of the Republic of Iran banned any deal with cryptocurrencies.[1]

The report mentioned names like the Iranian president and Saeed Mahdiyoun[2], I have looked for the second name and found no connection to the Iranian government.

Also, dealing with these currencies will not benefit the state as the qualities of selling oil and others require a lot of money that can not be converted using cryptos without a note.


[1] Islamic Bank of the Republic of Iran ban crypto
[2] Google search for Saeed Mahdiyoun

[avikz]

Iran’s National Cyberspace Center reveals the draft of the state-backed cryptocurrency project is ready, local news outlet reports.

https://cryptopanic.com/news/2969689/Iran-State-Backed-Crypto-Draft-is-Ready-Central-Bank-to-Soon-Announce-Stance-on-Crypto

Iranians are good to go with Cryprocurrency big time.

Iran is a country where cryptocurrency trading is banned by their Central Bank so the news is not what you are expecting here. Cryptos are decentralized by nature without any central authority to control them. In this case, Iran will just be launching a centralized digital currency system, which I won't categorize as a "cryptocurrency". It is a centralized currency with a controlling authority and backed up by a physical asset. I don't see any characteristics of crypto currency here!

Someone already pointed out that it is an attempt to bypass the US sanction ban and that's true! Don't get excited about this news!

[ribowo76]

I still don't understand, cryptocurrency issued and managed by the state will become centralized? If it was like that, is it worthy of being paired with bitcoin or altcoin?

[MetalCoinMTC]

I appreciate that they are taking steps to eliminate the existing uncertainty that has been going around crypto currencies of Iran for a quite long time. Let’s see what happens.

[BTCCavalletto]

Thanks for sharing. Well I think this approach will bring people especially of Iran more close to crypto currencies and they will get to know the value of it also.

[dangkhoasn]

Great news. Besides the countries that prohibit cryptocurrency, many other countries are still developing strong cryptocurrency

[vnck25]

I think many countries are getting into cryptocurrencies, but I am still yet to see any government coming out in public with their own, centralized cryptocurrency. The closet thing is Ripple being using by several banks to make their services more efficient and cost effective.
Anyways, these news solidify the idea that cryptocurrencies are here to stay and its a very, very long shot that they will cease to exist in the future.

[pitiflin]

Iranians are good to go with Cryprocurrency big time.

creating a centralized altcoin by the government is not the same as being "good to go with cryptocurrency"! hopefully this can bring more awareness about bitcoin and increase adoption of it but that would be an indirect effect.

That's one way to bypass international sanctions,

but how would that work?! the form of currency changes not the source. in other words if a country is under sanctions and can't make trades with another country it doesn't matter what form of currency it uses it still can't trade. am i wrong?

Using a crypto may help waiver the sanctions but having a crypto to help your economy is a bad thing to do. It won't help your economy to go up. The prices can be more easily manipulated, you need to have a lot more knowledge on how crypto works than suddenly just making it your "state backed currency". Iran is following Venezuela's same mistake and its not going to end well. Banning US$ won't change anything either, Iranians are moving out because of these stupid decisions and a war between US and Iran shouldn't be surprising to see.

[pooya87]

I doubt the credibility of this news, as the Islamic Bank of the Republic of Iran banned any deal with cryptocurrencies.[1]

The report mentioned names like the Iranian president and Saeed Mahdiyoun[2], I have looked for the second name and found no connection to the Iranian government.

[1] they didn't ban bitcoin, they banned banks from using or getting involved in bitcoin in any ways.
[2] he is working in the National Cyberspace Regulatory thingy which is responsible for basically setting laws for how people use the "internet" and related stuff!

[BitcoinNewbie15]

I still don't understand, cryptocurrency issued and managed by the state will become centralized? If it was like that, is it worthy of being paired with bitcoin or altcoin?

No, a cryptocurrency issued and managed by the state will be completely different than any cryptocurrency out there currently. Yes it will definitely be centralized, and it wouldn't be paired with Bitcoin or any altcoin. This type of cryptocurrency could be considered fiat. I truly hope this will fail spectacularly, as a successful state-backed cryptocurrency would set a dangerous precedent.

A state-backed cryptocurrency would give that state actor significantly more power over it's people. This is the darkside of blockchain technology, as this would create an Orwellian nightmare. Just by changing a 1 to a 0 they can completely lock out any civilian from accessing the financial world, and essentially cast them out of society. They would have complete and total control over everyone's bank account, and every single "dollar" out there.

That and a successful, mandatory fedcoin would probably stop Bitcoin adoption dead in its tracks.

Iran doing this is not good for cryptocurrency! It's actually very bad! I hope this fedcoin fails spectacularly! Otherwise, if its successful the precedent will be set and it's only a matter of time until other countries follow suit. The future needs to be open and decentralized! Not the exact opposite!

[pooya87]

A state-backed cryptocurrency would give that state actor significantly more power over it's people. This is the darkside of blockchain technology, as this would create an Orwellian nightmare. Just by changing a 1 to a 0 they can completely lock out any civilian from accessing the financial world, and essentially cast them out of society. They would have complete and total control over everyone's bank account, and every single "dollar" out there.

i disagree with these three points you mentioned here.
first of all the government creating a new form of the same money they already control is not going to give them any more power than before. governments of every country is already printing money and control the flow of it, as for "changing 1 to 0" that can still be done through banks since people all around the world are not keeping their money under their mattress! they have it in a bank so a "new form" aka a cryptocurrency is not going to change that.

That and a successful, mandatory fedcoin would probably stop Bitcoin adoption dead in its tracks.

why would it? if someone wants to use The decentralized currency, they will. and if they don't care about it, they will never do it with or without a fedcoin.

Iran doing this is not good for cryptocurrency! It's actually very bad! I hope this fedcoin fails spectacularly! Otherwise, if its successful the precedent will be set and it's only a matter of time until other countries follow suit. The future needs to be open and decentralized! Not the exact opposite!

other countries WILL follow eventually and it has nothing to do with success of failure of these coins. and this is not the first of them we have already have a couple of them, Venezuela as the completed one and other countries like India working on it and others.
even if it fails the big countries such as US will eventually start making their own FedCoin controlled by the government and the "3 letter agencies", they are just studying where theses current ones go wrong so that they avoid the same mistakes.
why do you think JP Morgan has been bashing bitcoin while hinting at using blockchain technology...

[BitcoinNewbie15]

A state-backed cryptocurrency would give that state actor significantly more power over it's people. This is the darkside of blockchain technology, as this would create an Orwellian nightmare. Just by changing a 1 to a 0 they can completely lock out any civilian from accessing the financial world, and essentially cast them out of society. They would have complete and total control over everyone's bank account, and every single "dollar" out there.

i disagree with these three points you mentioned here.
first of all the government creating a new form of the same money they already control is not going to give them any more power than before. governments of every country is already printing money and control the flow of it, as for "changing 1 to 0" that can still be done through banks since people all around the world are not keeping their money under their mattress! they have it in a bank so a "new form" aka a cryptocurrency is not going to change that.

They would have immensely more power in a cashless society operated on a state-controlled blockchain. Banks are mainly private enterprises (with exception to central banks), they are not controlled by the state, at least not in the country I'm in, the US, so I can't speak for other places. With a state cryptocurrency, your bank account would be controlled by the government, not by a company. Vast differences there. In a cashless society, the government can lock you out of the economy. No ifs, ands or buts about it. You will have no way to do anything financially. This state actor could make their own notes and physical coins no longer legal tender, and enforce the use of their own coin.

That and a successful, mandatory fedcoin would probably stop Bitcoin adoption dead in its tracks.

why would it? if someone wants to use The decentralized currency, they will. and if they don't care about it, they will never do it with or without a fedcoin.

They wouldn't be able to use Bitcoin if their government enforces the use of their own fedcoin. They could easily flip a switch in the centralized blockchain which inhibits any attempt at transacting with or buying bitcoin. If you are caught? You are locked out of the financial system for an arbritary amount of time, possibly indefinitely.

Iran doing this is not good for cryptocurrency! It's actually very bad! I hope this fedcoin fails spectacularly! Otherwise, if its successful the precedent will be set and it's only a matter of time until other countries follow suit. The future needs to be open and decentralized! Not the exact opposite!

other countries WILL follow eventually and it has nothing to do with success of failure of these coins. and this is not the first of them we have already have a couple of them, Venezuela as the completed one and other countries like India working on it and others.
even if it fails the big countries such as US will eventually start making their own FedCoin controlled by the government and the "3 letter agencies", they are just studying where theses current ones go wrong so that they avoid the same mistakes.
why do you think JP Morgan has been bashing bitcoin while hinting at using blockchain technology...

If each country has their own fedcoin that is legally required for you to use, there would be no use for Bitcoin. And if you are caught you are threatened with losing it all...
We have different views about the future of state-backed cryptos I am very cynical by nature though, so maybe that's why