Post Bank of Iran to Launch its Own Cryptocurrencies

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Iran’s ICT Minister signals about Forthcoming Cryptocurrency

The Iranian Information and Communications Technology (ICT) minister recently announced that a bank in the nation is going to launch a cryptocurrency.

Iranian ICT Minister Mohammad-Javad Azari Jahromi revealed that the Post Bank of Iran has been working on a cryptocurrency that will be brought before the nation’s “banking system” for review and possible testing. An article in the Iranian press suggests that the ICT Ministry itself would carry out any trials.

It’s not yet revealed whether the locally developed digital currency will be made available to the public and whether it will be issued by Post Bank (51 percent of which is owned by the government), by an arm of the government itself, or by some other entity.

Azari Jahromi’s tweeted: (translated into English)

“In a meeting with the board of directors of the post-bank on digital currency-based blocking chains, the bank set out the necessary measures to test the country’s first digital currency using the country’s elite capacity. A pilot model for review and approval will be presented to the banking system of the country.”

The Iran Front Post reported that the ]nation’s central bank had published a statement saying that it will not recognize the legitimacy of bitcoin and other cryptocurrencies in the country.

Iran Front Post published:

“The wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme have made the market of these currencies highly unreliable and risky.”

The central bank also warned about the risks associated with the cryptocurrencies such as Bitcoin.

Garry Singh

Garry is an experienced entrepreneur, and co-founder of a UK based technology company Quickdesk Solution Ltd., with a demonstrated history of working in the information technology and customer services industry. Skilled in technical writing, he is a strong business development professional with a Bachelor's Degree focused in Information Technology and Masters in Business Administration.