Iran’s Attempt to Release Its Own Gold-Backed Coin to Combat U.S.’s Sanctions

The U.S. dollar takes control of almost all financial affairs across the world and the other nations have tried to lower its authority and dominance. It seems that the best solution the rivals think of is releasing new cryptocurrencies.

Iran’s Attempt to Release Its Own Gold-Backed Coin to Combat U.S.’s Sanctions
Iran’s Attempt to Release Its Own Gold-Backed Coin to Combat U.S.’s Sanctions

The U.S. dollar takes control of almost all financial affairs across the world and the other nations have tried to lower its authority and dominance. It seems that the best solution the rivals think of is releasing new cryptocurrencies. Although it is not something which can merely be observed in the countries with strong competitive power. The countries which have experienced many economic turbulences because of sanctions the U.S. imposed on them look at this alternative as a resort to straighten their financial crises. 

Iran Has Issued its First Cryptocurrency


Mehr News Agency reported on July 13 that Iran has issued its first cryptocurrency permitted by Central Bank of Iran and it is planned to be unveiled in the near future. An announcement was the source of this event which was offered by the Iran Chamber of Commerce, Industries, Mines and Agriculture.
As an official Shahab Javanmardi informed about the process of its release, it will be an indigenous digital coin and will be mined by a consortium of private Iranian IT firms after receiving the agreement of CBI and asking for some regulations in this regard on the part of the government. 
Its ultimate goal is to use the frozen resources in Iranian banks and it is backed by gold while the government itself tries to ban mining and trading cryptocurrencies by the people.

It Is Not the First Attempt by a Sanctioned Country


Iran’s measure to release this gold-backed cryptocurrency is not the first attempt by a country which suffers from economic limitations, as Venezuela issued Petro before. It had similar features to this Iranian cryptocurrency except that it is backed by the oil. This project was started in 2017 and unfortunately it was not able to reach its potential again because of the U.S. attempt to limit trading via it by its citizens.
These kinds of financial affairs might be globally considered as the transitional loophole, but considering the astronomic speed of technology development, cryptocurrencies’ potential helps them to stay forever. 
 

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