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After cracking down on Bitcoin miners earlier this month, Iranian bank officials are grimacing and supporting "indignant digital money" that will be exploited under the authorization of the Iranian Central Bank.
According to a report by the MEHR News Agency dated July 13, the cryptocurrency will be bonded to a precious metal.
"The Iranian cryptocurrency is backed by gold, but its function is similar to that of its foreign rivals," said Shahab Javanmardi, head of the Chamber of Commerce, Industries, Mines and Energy. 39, agriculture of Iran, in an interview with MEHR.
"The encrypted money in the domestic market aims to facilitate the optimal use of frozen resources of Iranian banks."
The Trump administration has tightened sanctions on Iran after dismantling a nuclear deal negotiated by its predecessor Barak Obama.
Earlier this month, Iranian lawmakers sought to ban the exploitation of bitcoins. Energy intensive mining put a strain on the country's electricity grid.
Miners took advantage of subsidized electricity rates. According to a Bloomberg report, electricity consumption in the country jumped 7% in June. The jump was charged to Bitcoin miners.
Warning: The opinions expressed in this article are those of the author and may not reflect those of the author. Kitco Metals Inc. The author has endeavored to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes. It is not a solicitation to exchange products, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept any liability for losses and / or damages resulting from the use of this publication.
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