Iran Set to Launch Rial Backed National Cryptocurrency

While people around the world just keep exploring crypto adoption into every day’s life, Iran has completed the development of a national cryptocurrency supported by the National Rial. A new asset is now being approved by the Central Bank of Iran.

Indeed, launching digital currency is directly related to the political environment in the country. The Iranian authorities do not hide — they are looking for the way to circumvent the US sanctions.
Curious that, while in some countries cryptocurrency remains something illegal, in Iran such payments as well as domestic and interbank payments by the country’s banking institutions, including through distributed ledger, will be legally tested.

By the way, the new asset will be backed by local currency, despite the high volatility and the Rial losing its value. Thus, the unofficial rate of the has Rial dropped to 143,000 for 1 USD, with the official rate of about 41,000 Rials for 1 USD.
The local news agency Ibena notes that the national crypto has been developed also to explore the opportunities of digital coins and the blockchain technology, to facilitate financial payments and retail banking.