Iran’s New Cryptocurrency
Iran is creating a state-backed cryptocurrency. The options for the digital token are currently open. Reportedly, it’s initially only for crypto companies to do business with the Central Bank of Iran. Later, it will be used as a means to facilitate payments between Iran and other countries for goods and services. Iran was kicked off the SWIFT network last year, essentially disabling their ability to trade efficiently. In response, Russia and other partner nations announced they’re working on a SWIFT-alternative using the blockchain.