Iran joins Venezuela in creation of a sovereign cryptocurrency to fight against dollar hegemony and future U.S. sanctions

Mohammad Javad Azari-Jahromi, Iran’s information, and communications technology minister said the experimental cryptocurrency is now ready, ahead of a possible return of U.S. economic sanctions. 

The Iranian cryptocurrency was jointly developed by the CBI, the state-run Post Bank, and Iran’s Information and Communications Technology (ICT) ministry. 

“Last week in a joint meeting aimed at exploring the progress of the project, it was announced that the experimental model is ready,” Azari-Jahromi said, as reported by state news agency IRNA. 

Azari Jahromi previously said the experimental Iranian cryptocurrency would be backed by assets, in the same way that gold allegedly supports the Malaysian cryptocurrency GoldX

When asked if Iran is developing its own cryptocurrency to circumvent U.S economic sanctions, Azari-Jahromi replied coyly, “All cryptocurrencies are capable of circumventing sanctions because they are not under the supervision of the U.S. financial regulatory body, and the national digital currencies are naturally capable of this.” – BTC Manager