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Iran Reveals National Cryptocurrency Features as U.S. Sanctions Sting


According to Informatics Services Corporations (ISC), a central bank-affiliated body, Iran's future cryptocurrency is backed by Rial and is developed on the Linux Foundation-led open-source Hyperledger Fabric technology. In contrast to decentralized cryptocurrencies such as Bitcoin that are issued in compliance with a mathematical formula, Iran's digital Rial is released based on the decision of their central bank. That said, Iranian digital currency cannot be mined, and its transaction records can only be accessed on a private blockchain.

"The infrastructure is supposed to be as an ecosystem available for Iranian banks and active companies in cryptocurrencies area after being tested and reviewed," IBENA reported.

ISC also clarified its intention to use the digital rial as an interbank payment instrument in Phase One and local payment medium in Phase Two.

Saeed Mahdiyoun, the deputy director of the Supreme Cyberspace Council (SCC), a government-affiliated agency that is overseeing the regulation of the Iranian digital currency draft, told an Iranian daily that Iran's President Rouhani had supported their initiative. By doing so, the head of the state wants to release Iran from the pressure of the Trump administration's economic tactics.

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