1st Iranian cryptocurrency to be unveiled

The Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) said that an indigenized digital money mined under the permission of the Central Bank of Iran (CBI) is to be unveiled.

Iran Press/Iran news: An official from the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), Shahab Javanmardi said that Iranian cryptocurrency is mined in accordance with the agreement of the CBI and by a consortium of Iranian private IT firms.

“The Iranian cryptocurrency is backed by gold but its function is similar to foreign rivals,” he added according to Iran press. 

"The domestically encrypted money is to ease optimal use of Iranian banks’ frozen resources," the official said.

Underlining lack of required regulations in the cryptocurrency sector in Iran, the private sector official urged the government for regularization of bitcoin mining business in the country.

The announcement came just a few days after a CBI official announced that all cryptocurrency-related activities are forbidden in Iran. 203/201

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