Iran Plans National Digital Currency to Help Evade U.S. Sanctions

Iran Plans National Digital Currency to Help Evade U.S. Sanctions

Iran making its own “domestic digital currency”, the President wants to bypass long-term sanctions of Trump.

According to local media sources, the creation of National Digital currency has long been on the agenda of the Iranian Directorate for scientific and technical matters of the President’s Office. According to the ISNA news agency, Alireza Daliri (deputy of the Department of Management and Investment Affairs) announced:

“We are trying to build a base for using domestic digital currency in the country.”

United States President Donald Trump decided to develop domestic digital currency after leaving the 2015 nuclear deal with Iran in May this year, and also announced that the US restoring prior economic sanctions on Iran. The renewal sanctions will be effective from August 6.

This month, Iranian were seriously considering an option of cryptocurrencies as a way to avoid U.S. sanctions and remove US dollar heritage.

Iran’s move is somewhat similar to Venezuela’s promote of its oil-backed digital currency -Petro, which has been banned in the US. Recently, Venezuela has announced the launch of a new national currency that will be attached to the Petro.

 

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