In a statement that the Iranian government had done, the Blockchain technology-based cryptocurrency announced that the trial model was ready to pass on to life.

It was also added that this currency will be accepted by many financial institutions in the country after the fact of life. Iran announced in February that it will develop its own cryptocurrency.

Iranian communications and information technology minister Mohammed Javad Azari Jahromi said the Iranian cryptocurrency is being developed by a project jointly with the ministry’s ICT research institute, the central bank of Iran’s banking and financial research institute and the state-owned Post Bank.

In a statement to local news agency IRNA, Jahromi said:

“We are at the result of the fact that an experimental model is ready after the joint meeting that we conducted on the situation of the project for the past week.”

Iran Banned All Cryptocurrencies

This announcement came on Sunday after the central bank banned Iranian banks from trading on all cryptocurrencies, including Bitcoin.

In a warning letter issued by the Central Bank on the basis of a ban on Iran’s anti-money laundering union in December:

“We advise banks, credit institutions and stock exchanges traded in our country to avoid buying and selling such cryptographic currencies and participating in any advertising initiatives.”

Blockchain technology lies behind crypto currencies, preventing third parties and institutions from interfering with transactions and offering secure transactions.

Iran has also named it a list of countries that have taken strict measures against the growing cryptographic currencies. These countries include India and Pakistan, which have similar initiatives in early April. But these tough measures taken in India have caused some unexpected problems in the country.

Azari Jahromi stated that this ban did not cover the crypto currencies developed in the country and did not show any resistance against the crypto currencies that would shape Iran’s future financial world. And he added:

“The increase in the value of foreign currencies due to the ban, which the central bank put in Bitcoin and similar crypto currencies, is the result of the instability that the resulting crypto market is experiencing is causing people to lose their assets.”

Several countries like China, Russia, and Singapore have already begun to develop their own cryptographic currencies with the aim of increasing the privacy and transactional effectiveness of customer information.

National Crypto Monetary Unit Complies with Shariat Provisions

Another explanation that Azari Jahromi has made is that the Iranian crypto currencies would be suitable for Islamic laws because they would be supported by assets.

Iranian clerics had stated that doing business with digital currencies could have some problems if they had already explained what they were doing. Because, according to Shari’a, the real value of money must be or be supported by an asset like this.

Azari Jahromi said that Iran’s cryptographic currency will be supported by assets such as the gold of the same Malaysian crypto money, and the crypto money of Venezuela as oil.

Azari Jahromi, who noted that Iran’s development of its own cryptographic currency was to get rid of the financial sanctions imposed on the country in western media circles, said:

“All cryptographic currencies can be used to get rid of the sanctions as they are not under the supervision of the US regulatory agencies. National digital currencies can also be used for this purpose. ”

Both Venezuela and Iran are under the influence of severe sanctions that the US is practicing today.

Iran unified the official and free market exchange rates in the country in early April and banned any transactions other than exchange of money on the banks in the country. The reason for this was the fact that the official currency of the country, Riyal , had not seen the lowest of all times earlier this month.

Government officials claimed that this sudden decline was not natural, claiming it could be a conspiracy against the country on the part of the US and its allies.