Report: Iranian will Launch its First Gold-Backed Cryptocurrency

[ChainDD report] July 17 (ChainDD) According to Mehr News, Shahab Javanmardi, an official of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), said a cryptocurrency approved by the Central Bank of Iran (CBI) will be launched and it will follow the agreement of CBI and mined by a consortium of Iranian private IT firms.

“The Iranian cryptocurrency is backed by gold but its function is similar to foreign rivals,” Javanmardi said. He added cryptocurrency can be helpful for Iran under the sanction imposed by the US. "The domestically encrypted money is to ease optimal use of Iranian banks’ frozen resources."

ChainDD noted Ali Akbar Karimi, a member of Iranian Parliament Economic Commission, urged the government to propose cryptocurrency bill earlier this month. Karmir said Iran doesn’t have specific laws to supervise crypto related activities, so the government must develop a bill to determine the fate of crypto mining and the exchange between cryptocurrencies and fiat currencies, and then file the bill to the parliament to confirm electricity charges for crypto miners.


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