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Iran Launching its State Own Cryptocurrency Following Venezuela’s Suit

After Venezuela, now Iran has become the latest country to launch its own cryptocurrency, a move that could generate much-needed money for the sanctions-hit nation.

Cash-strapped Venezuela on Tuesday became the first country to launch its own cryptocurrency, a smart step by President Nicolas Maduro putting his country on the world’s technological forefront. In its first hours on the market, the so-called petro racked in $735 million worth of purchases.

In Iran, Mohammad-Javad Azari Jahromi, minister of Iran’s Ministry of Information and Communications Technology, tweeted that state-run Post Bank was working on developing a cryptocurrency.

“In a meeting with the board of directors of the post-bank on digital currency-based blocking chains, it set out the necessary measures for the pilot implementation of the country’s first digital currency, using the country’s elite capacity. A pilot model for review and approval will be presented to the banking system of the country.” Said Mohammad-Javad Azari Jahromi in his tweet.

North Korea was also linked to cryptocurrency mining efforts and other attempts to utilize virtual currency as a means to evade sanctions.

The concept of a federal institution such as a central bank developing its own cryptocurrency has previously been debated in different parts of the world.

While regulators have long criticizing virtual currency. China, Russia, Singapore and some other countries have also put regulations on cryptocurrency and use of these crypto assets in financing illegitimate activities.

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