Iran's National Cryptocurrency Project Set To Be Unveiled

The Iran government is set to implement its national cryptocurrency project as it is set to bypass the U.S. sanctions on the country. The country's cyberspace center revealed this information on the latest progress of cryptocurrency project.

Iran and Cryptocurrency

Cryptocurrency in Iran has not yet seen full acceptance has the Iranian banks rejected association with it in February of this year. This was primarily because of the volatility feature of cryptocurrency.

However, the country has been plunged into economic crisis due to sanctions from the United States. The president of the United States, Donald Trump, had earlier stated that "anyone doing business with Iran will NOT be doing business with the United States." This has made companies like PayPal and MasterCard to withdraw their services from Iran.

Notedly, with plans for more sanctions on the country, as planned by Trump coming up in November, the nation needs to seek a haven for its economy.

Cryptocurrency - The Safe Haven For Iran

Amidst the economic sanctions that have made economic transactions with other countries difficult, the nation is set to launch its national cryptocurrency project.

The project is meant to save the country from the wilderness of economic gloom it has been plunged into by the sanctions of the United States. The sanctions that started as a result of the country's nuclear weapon project.

The national cryptocurrency will serve as a means, of facilitating the transfer of money globally.

Cryptocurrency The People's Saviour

Robert Kiyosaki, a billionaire renowned for his best-selling book "poor dad rich dad," had predicted that economic meltdown is on the way, which will be led by economic war. In his opinion, the economic meltdown will give way to the wide acceptance of cryptocurrency, "the people's money" and the doom of the US dollar.

A similar opinion of the economic meltdown is shared by Warren Buffett, though he is no believer of cryptocurrency.

The play in the international system recently has laid bare the possibility of Kiyosaki's prediction. The rage of economic sanction on the economy of Venezuela has made the country result for a national cryptocurrency, Petro, to salvage its economy. Though the world economists and the United States see it as something bound to fail.

Economic sanctions on Turkey recently has led to the loss in the value of the national currency, Lira. And its citizens are already seeking an alternative for trading in cryptocurrency, even though the government is yet to announce the way forward in a similar fashion to Iran and Venezuela.

Conclusively, cryptocurrency has a bright future, as economic sanctions and trade war is expected to trend in coming months. Its broad adoption by countries to save their economy will give it the necessary boost.