Iran is pushing ahead with their own cryptocurrency in order to circumvent sanctions. Although their central bank prohibited free market cryptos, it seems like they are waiting for Venezuelas outcome.
Information and Communications Technology Minister Mohammad Javad Azari-Jahromi said the local project would not be affected.
“The central bank’s (ban) does not mean the prohibition or restriction of the use of the digital currency in domestic development,” he was quoted as saying by state news agency IRNA.
If Venezuelas "backing" works, I think they will give similar guarantees for their cryptocurrency. Technically they can back it just by saying that they back it.
If states backing their currencies becomes normal, this should be a huge blow for normal currencies which are more and more only backed by faith, like the USD, EUR, JPY etc.
And the faith is fading... especially if the banks blow up again and need to be rescued with more printed money.