Iran Plans Its own Cloud-Based Cryptocurrency


According to the minister of Iran’s Ministry of Information and Communications Technology, Mohammad-Javad Azari Jahromi, Iran plans its own cloud-based cryptocurrency.

23 February, AtoZForex Just like a number of global nations these days, Iran is also considering the creation of its own state-backed cryptocurrency. The country has announced its intention to develop its own cryptocurrency after Venezuelan cryptocurrency “petro” has recently gone live.

Iran Plans Its own Cloud-Based Cryptocurrency

The minister of Iran’s Ministry of Information and Communications Technology, Mohammad-Javad Azari Jahromi, has tweeted earlier this Wednesday that state-owned Post Bank is in the process of working on the government-issued cryptocurrency. Mr. Jahromi has stated:

“In a meeting with the board of directors of Post Bank on digital currencies based on the blockchain, I … prescribed … measures to implement the country’s first cloud-based digital currency.”

Moreover, some of the local reports have stated that the Central Bank of Iran is cooperating with other institutions with the aim to control digital currencies in Iran.

Government-Issued Cryptocurrency Boom

This Tuesday, the President of Venezuela, Nicolas Maduro, has stated that the country’s “petro” has attracted the equivalent of more than $735 million in capital. Petro is an oil-backed Venezuelan state cryptocurrency that was released in both a pre-sale and an initial coin offering (ICO). The initiative to create such digital currency has been announced by the President of Venezuela Nicolas Maduro back in December 2017.

The white paper of the project has been released on the 30th of January. The document explains that the idea for the petro came from Hugo Chavez. Mr. Chavez has presented petro as a “strong currency backed by raw materials.”

In fact, many countries now are planning to bring their own cryptocurrency projects to the public. One of the latest countries to join the long list is Turkey.

The Turkish government is reportedly planning to introduce its very own national cryptocurrency. The local media reports are citing Ahmet Kenan Tanrikulu, the deputy chair of Turkey’s Nationalist Movement Party and the ex – Industry Minister of Turkey. Specifically, they state that he has drafted a report for the government with the purpose to propose a state-supported cryptocurrency “Turkcoin.”

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