Hamed Jafari reported as soon as two weeks ago, Iran was considering issuing "a local cryptocurrency, a cryptocurrency consortium with specific countries and regulating the already established cryptocurrencies such as bitcoin." Not more than last week, International Business Times insisted "a half dozen contenders" in Iran were vying to bring the country its first set of initial coin offerings (ICOs).
Indeed, Iran under the weight of international sanctions seems to be a perfect breeding ground for cryptocurrency. Paypal, Mastercard, Visa are all forbidden. Its fiat currency continues to fall against the dollar to all-time lows even as its regime struggled recently to reform interest rates and forgive loans. Crypto might be a way around pretty brutal financial conditions. Reports last year seemed to suggest the country was considering as much.