With more and more US sanctions coming Iran’s way, the country is set to launch their own digital currency, the authorities say. Alireza Daliri of the Directorate for Scientific and Technological Affairs told the Iranian news agency ISANA that they are planning a digital currency for domestic use.
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The advantage of digital money is the ability to bypass economic sanctions. A few months ago Venezuelan president Nicholas Maduro introduced their own cryptocurrency Petro for the same reasons, which was later outlawed by the White House.
As the Trump administration has withdrawn from the Iranian nuclear deal, the question is how Iranian oil would bypass the US Dollar in international trade. Furthermore, with Iran threatening to shut the shipping routes and US and allies preparing to introduce tougher sanctions, a cryptocurrency would be the ideal mode of transaction.