Iran to launch state-backed crypto to sidestep US sanctions
Tehran has announced plans to launch its own crypto-currency as the U.S. continues to prepare a harsh sanctions regimen for the country that would see further restrictions for U.S.-Iran trade, but also U.S. restrictions on others who trade with Iran. “We are trying to prepare the grounds to use a domestic digital currency in the country,” said a deputy at the Directorate for Scientific and Technological Affairs of the Presidential Office. “This currency would facilitate the transfer of money (to and from) anywhere in the world. Besides it can help us at the time of sanctions.” This comes after Venezuela’s launch of its own digital currency at the end of 2017, and an Iranian ban on Bitcoin and other cryptocurrencies earlier this year, ostensibly for reasons of money laundering and terrorism.