New statements suggest that Iran's central bank is developing a cryptocurrency that would be administered by the state government. Information and Communications Technology Minister MJ Azari Jahromi made the announcement on Twitter Wednesday following a meeting with the bank's board of directors.
The announcement is notable given that on Tuesday, the government of Venezuela - which, like Iran, is the target of U.S. financial and economic sanctions - launched its own cryptocurrency, dubbed the petro.
It remains to be seen how the Iranian project would, if realized, operate. If executed under the auspices of the Central Bank of Iran, the project would represent the latest effort to create a state-backed digital currency by an institution of that kind. A number of central banks, including those from Singapore, China and the U.K., among others, have also explored this area.
Whether the proposed cryptocurrency would be fall under regulations that are reportedly in development is also an open question.
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