With the U.S. likely to reimpose sanctions on Iran, the Middle Eastern nation is working on a cryptocurrency to get around them, according to local media.

The Directorate for Scientific and Technological Affairs of the Presidential Office is working with Iran’s central bank and a number of unnamed Iranian companies on this project.

“We are trying to prepare the grounds to use a domestic digital currency in the country,” Alireza Daliri, the Directorate’s deputy for management and investment affairs, told the ISNA news agency.

“This currency would facilitate the transfer of money (to and from) anywhere in the world,” he said. “Besides, it can help us at the time of sanctions.” Read more here.

ThirtyK Staff
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