Iran’s head of Trade Promotion Organization has revealed that the country is talking with representatives of 8 countries to start transactions with it in its newly developed cryptocurrency, Crypto-Rial.
Iran has become the second country after Venezuela to launch its own cryptocurrency for bypassing US sanctions. The country’s authorities started negotiations with 8 other countries to present its new invention as an alternative to US dollar.
“Representatives from Switzerland, South Africa, France, England, Russia, Austria, Germany and Bosnia have visited Iran to hold related talks about the issue,” – the head of Iran’s Trade Promotion Organization (ITPO) Mohammed-Reza Modoudi stated.
Switzerland is a pioneer in the world of finance and also the provider of many financial services that are used all over the world. If it agrees to use the new cryptocurrency devised by Iran for trade purposes then other countries like Germany, the UK, and France may also give it some serious thought.
The U.S. had imposed severe trade sanctions on Iran last year in November. Countries involved in trading with Iran were also warned to stop doing so immediately. Only 8 countries, including close allies like India and South Korea, were left exempt from the sanctions. Remaining countries were cut off from Iran’s oil market, gas market, shipping market and even from Iranian financial system.
In the meantime, Central Bank of Iran has also lifted its cryptocurrency ban and published the first draft of crypto regulations to pave way for the legitimization of Crypto-Rial. An Al-Jazeera report stated that while the country has lifted majority of bans imposed earlier on crypto assets, the ban on the use of these assets inside Iran still continues to be in place. What that means is trading of cryptocurrencies in Iran is allowed, but use as a means of exchange is not. Mining operations are also allowed.
Iranian government first announced its plans to introduce state-backed cryptocurrency in August 2018. The country’s authorities see it as a possible means of circumventing U.S. sanctions.
This news was provided by Crypto News India, our partnering media source in India.