Iran’s national cryptocurrency : Another central crypto

Aboutaleb Najafi, Informatics Corporation CEO discussed the features of national cryptocurrency with Tasnim news agency.

National Blockchain-based cryptocurrency of Iran is designed and developed by Informatics Corporation. After months, its related features are officially announced:

• It is designed and developed using Hyperledger fabric platform technology.
• There are not any restrictions for the number of this currency that is issued.
• Central Bank of Iran (CBI) will take action towards its issuance regarding Iran’s Rial (IRR)
• National cryptocurrency is designed and developed in accordance with private Blockchain and it cannot be mined.
• During the first phase, national crypto is going to be utilized as a payment method in banking networks.
• In the second phase, micro-payments are supported by this token among community. Banks will confirm the transactions and hence, protect the ledgers.

National cryptocurrency infrastructures is going to be tested and investigated through its pilot and then to be used in real ecosystems such as banks and technology companies.

“This prevents the application of multiple platforms, unifies the resources, and reduces the costs.” Said Najafi to Tasnim reporter.

It is commonly believed that a popular cryptocurrency should be based on a public, transparent, and decentralized Blockchain. A crypto which is issued and controlled by a bank is thoroughly centralized and cannot bring about optimism and trust among community.  It also needs to be clarified that how this cryptocurrency will improve Iran’s economy and consulate the scars of the US sanctions. What if it gets banned like Venezuelan Petro?

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