Back in August, 2018, Iran was rumored to be launching its very own cryptocurrency. Back then, the President of Iran, Mr. Hassan Rouhani stated that the plan to launch the digital coin is in its final stage and very soon, the country will enjoy a second official currency.
The primary reason for a potential introduction of a digital coin is the ever growing US sanctions and the “hostile” attitude of US President Donald Trump against Iran. The reinstatement of active sanctions against Iran is a major reason why the country is looking to launch its own cryptocurrency. The sanctions are targeting some key economic sectors such as banking, shipping industry, the oil sector and more.
Another serious reason as to why the country is looking for a crypto-solution to its unstable economy is the fact that the United States has turned the Worldwide Interbank Financial Telecommunication (SWIFT) against the Iran. While this is not confirmed officially, many were surprised by the move, as SWIFT is supposed to be a completely independent entity.
While there is no definite timeline of the stablecoin’s incorporation into Iran’s financial system, one thing is clear: countries that have volatile economies and deflating national currencies are turning to government-backed digital coins to save the day.
Not long ago, Venezuela introduced the petro, a government-backed cryptocurrency. Since its incorporation into the financial world of Venezuela, the ups and downs of using the petro are dividing the country’s political and economic heads and the society, as well.