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The Central Bank of Iran revealed finalised details about the "indigenous cryptocurrency", according to Iranian news agency Ibena, which explained that it will be backed by Iranian rials.
The state-backed cryptocurrency will be similar to bitcoin in that transactions are carried out on an online ledger called a blockchain, however it will not be possible for people to mine it because the infrastructure will be private.
The country's central bank has previously been dismissive of bitcoin and other cryptocurrencies, however it was forced to explore new ideas after the US withdrawal from the Iran nuclear deal restored heavy economic sanctions.
A domestic digital currency is seen as a solution for the country being cut off from international payments networks, with the technology facilitating the transfer of funds around the world. If the test with banks and financial companies in the country is successful, the cryptocurrency could roll out publicly.
Iran Supreme Leader Seyyed Ali Khamenei said on Wednesday the country needed to do more to solve the economic problems it faces.
"With regards to the economy, there is need for full force, large-scale and proficient work," Ayatollah Khamenei said, according to Iran's state-sponsored Press TV.
For more Bitcoin Crypto Currency news Latest Update Crypto Currency Training Auto Trading Crypto BOT & Crypto Trading Signals join above given telegram channel
A Dynamic Auto Crypto Bot which trades on Signals automatically without manual intervention.
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https://play.google.com/store/apps/details?id=com.freecryptosignals.app
The Central Bank of Iran revealed finalised details about the "indigenous cryptocurrency", according to Iranian news agency Ibena, which explained that it will be backed by Iranian rials.
The state-backed cryptocurrency will be similar to bitcoin in that transactions are carried out on an online ledger called a blockchain, however it will not be possible for people to mine it because the infrastructure will be private.
The country's central bank has previously been dismissive of bitcoin and other cryptocurrencies, however it was forced to explore new ideas after the US withdrawal from the Iran nuclear deal restored heavy economic sanctions.
A domestic digital currency is seen as a solution for the country being cut off from international payments networks, with the technology facilitating the transfer of funds around the world. If the test with banks and financial companies in the country is successful, the cryptocurrency could roll out publicly.
Iran Supreme Leader Seyyed Ali Khamenei said on Wednesday the country needed to do more to solve the economic problems it faces.
"With regards to the economy, there is need for full force, large-scale and proficient work," Ayatollah Khamenei said, according to Iran's state-sponsored Press TV.
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