[2019-07-22] Iran Announces Gold Backed National Cryptocurrency

[hv_]

https://www.asiacryptotoday.com/iran-announces-gold-backed-national-cryptocurrency

So now US want rather to allow Libra ?

 

[LeGaulois]

Iran already wanted to launch its own crypto, Old news from July 2018 Gold-Backed Cryptocurrency Launched by Iranian Banks: Report I don't see much explained in the article. it talks only about Trump, the US Vs Iran, Trump, and again Trump. The central bank approved the issuance and nothing else explained.

[stompix]

I miss the old days when newspapers were really made out of paper. I need to get a printer to enjoy the satisfaction of wiping my ass with these articles....

Anyhow, as LeGaulois mentioned they reheat the soup every month with articles like this one:
https://www.tehrantimes.com/news/431950/Getting-around-sanctions-with-crypto-rial

Meanwhile, as an oil producer with an oil-reliant economy dominated by petrodollars, Iran settled on the plan to utilize cryptocurrencies and blockchain technology to make up for any drop in oil revenues due to the economic sanctions designed to cut its oil sales.

Moving on the same track as China, Russia and Venezuela, Iran also hopes that blockchainization of state-backed fiats would lead to the demise of the dollar and put an end to the tyrant U.S. policies.

At least they've got that part right, they move in the same direction as Venezuela.

Again, they fail to understand something just like a lot of users here, Iran could sell its oil for sheep, goats, panda bears, tacos, candy bars, seashells, GoT figurines or used underwear, their problem, like with the Petro is that nobody wants to buy oil using that currency.

Currently, with all the sanctions China is buying oil, why would they use a coin that is controlled by Iran?
They are not stupid, unlike the Iranian leaders.

[Naida_BR]

With all those incidents in that happen in Hormuz, their would be always a challenging situation between Iran and the US.
Having said that, if Iran will be in favor of bitcoin then I would not be surprised if I see positive comments from Trump side with regards of Libra and Facebook, even if those two projects are totally different.

[NeuroticFish]

The only currency of Iran the world "respects" is oil. That crypto, if will ever come to life, will be a state-backed crypto, meaning something much worse than Libra, something less reliable than Libra could ever be. And believe me, I don't like not trust neither FB, nor Libra.

[cr1776]

Sounds like the garbage the Venezuela was peddling with their Petro.

State backed crypto is just fiat that uses buzzwords from bitcoin etc to help separate the gullible from their money.  Like Libra.

[hugeblack]

It's news for news or picks words to attract readers.
Iran has narrow access to the US dollar, so the use of decentralized currencies makes sense but is not real.
Linking currencies to gold is a sign of what the United States did in 1970 to separate the dollar from gold and a bond of promises.
If Iran wants to link crypto to certain assets, it will choose oil rather than gold.

[Theb]

The only currency of Iran the world "respects" is oil. That crypto, if will ever come to life, will be a state-backed crypto, meaning something much worse than Libra, something less reliable than Libra could ever be. And believe me, I don't like not trust neither FB, nor Libra.

If the authorities are already against a billion dollar company-backed crypto what more are their opinions and actions be if they see that one of their enemy states are building their own cryptocurrency? They won't let this be sold in US just like what they are doing now to establishments accepting US citizens illegally, they'll do anything just to stop this cryptocurrency from being available in their own market.

[TheWolf666]

Iran, Venezuela, and China, Russian, India... we are heading to national cryptocurrencies.
Then they will outlaw all the crypto that are not national.

[Slow death]

https://www.asiacryptotoday.com/iran-announces-gold-backed-national-cryptocurrency

this is a very bad article, they did not post links from sources of the government of iran to search if this news is true or not, curiously neither on cointelegraph.com and coindesk.com said nothing about this news. Which leads me to question the truth of this news

So now US want rather to allow Libra ?

 

scammers are taking advantage of the situation:

Facebook and Instagram Now Have a Problem With Scam Libra Ads

[joelsamuya]

In my own opinion, Iran is just wasting time and resources in launching its own cryptocurrency. In the first place, any cryptoconcurrency that is backed and issued by the government is not actually cryptocurrency -- okay maybe fake or pseudo-cryptocurrency can be its category. And the only way it can be popular and be used widely is if the government will be imposing it to its own people. All the factors or features of a a real cryptocurrency can never be found with state-released digital money even if the whole thing is backed by real gold or whatever.

[Vishnu.Reang]

How practical is this? Iran doesn't have any large gold deposits and the central bank gets most of the yellow metal from other countries. Also, the Iranian gold reserves have fallen during the past few months. I am afraid that the Iranian gold backed cryptocurrency will end up just like the petroleum backed cryptocurrency of Venezuela.

[enhu]

https://www.asiacryptotoday.com/iran-announces-gold-backed-national-cryptocurrency

this is a very bad article, they did not post links from sources of the government of iran to search if this news is true or not, curiously neither on cointelegraph.com and coindesk.com said nothing about this news. Which leads me to question the truth of this news

Didn't bother to put some sources of their news, so its more like a clickbait. But spreading fake news as well. 

If true however, Iran must be in the very good position to advance itself in the crypto economy. They've be the first to do it and will probably have the chance to grow economically that they wouldn't have to resort to sea piracy.

[Naida_BR]

Sounds like the garbage the Venezuela was peddling with their Petro.

State backed crypto is just fiat that uses buzzwords from bitcoin etc to help separate the gullible from their money.  Like Libra.

I agree that those currencies are just shitcoins, but we need those initiatives in order more people will start learning about cryptos.
National currencies can help us reach mass adoption or bring new investors to the market.

[Ozero]

The only currency of Iran the world "respects" is oil. That crypto, if will ever come to life, will be a state-backed crypto, meaning something much worse than Libra, something less reliable than Libra could ever be. And believe me, I don't like not trust neither FB, nor Libra.

I do not think that national stable digital coins of states will be useless. Soon almost every state will have its own stable coin, and I see nothing wrong with that. It will be the same national currency, only in digitized form. It will combine the possibilities of currency and cryptocurrency. Stable state coins will compete with a decentralized cryptocurrency as a means of payment, however, at the same time, they will contribute to its distribution.

[cr1776]

Centralized crypto backed by a physical asset that can be seized? What’s the point?  I’ll answer that question - I think the point is to capitalize on buzzwords and control their citizens.

[Thekool1s]

Centralized crypto backed by a physical asset that can be seized? What’s the point?  I’ll answer that question - I think the point is to capitalize on buzzwords and control their citizens.

Exactly, TBH I don't see what's the point of all these Gold backed and other "backed" cryptocurrencies, One order from a government and puff it's all confiscated, locked away and resold to the highest bidder... Also, why would anybody trust Iran at the end of the day to ensure the Physical asset is being indeed backed and the currency isn't being printed out of thin air like FIAT. These attempts are a joke! and TBH I dunno why this thread wasn't deleted, The Article itself is clickbaity. The article didn't have any sources to back what it talked about and we didn't even get a date for when this will be available to the public. All I read was contradicting information from start to finish... Pathetic reporting tbh...

[bbc.reporter]

@Thekool1s. The point? I reckon it is always greed. I do not know how their gold backed cryptocoin scam works, however, it always ends on more wealth for themselves and less for their people.

The Iran government does not want an unseizable cryptocoin that cannot be taken down. It wants to scam similar to how those ICO scammers scam.

[Kounter]

Cryptocurrency with government support - the path to gaining independence in the international space

[borya.kapustin.79]

Good news ) Cryptocurrency BTC comes into the life of the new million people )