International Crypto War Is Heating Upward — Iran Next in Line With Its Own Coin

International Crypto War Is Heat up -- Iran Next in Line With Its Own Gold-Backed Coin

The official, Shahab Javanmardi, stated that the native digital coin will be mined by a consortium of personal Iranian IT companies in view of the agreement of the CBI and also called on the authorities to issue regulations to the nation's crypto mining sector. He claimed that"the Iranian cryptocurrency is endorsed by gold but its role is much like foreign rivals." Furthermore, he demonstrated that"the domestically encrypted currency is to facilitate optimal use of banks' resources that were frozen ." Pictures courtesy of Shutterstock. The FDD paper details that Russia, Iran, and Venezuela have initiated experiments that their leaders admit are tools to cancel U.S. financial coercive power. It claims that the petro serves as a case study for other regimes to find out what not to do and that Russia and Iran are powerful allies in a strategy to come up with an electronic currency that may be used for transaction beyond the SWIFT financial messaging program.
The Shrine of Fatima Masumeh's gold dome at Qom, Iran
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cbi, central bank of iran, China, gold-backed, Iran, Iranian, national cryptocurrency, Petro, Russia, Sanctions, Shahab Javanmardi, US, USA, Venezuela
Avi Mizrahi
In fact, these promises have failed to materialize so far and many believe the petro simply a scam run by a corrupt authorities. It was obviously never assisted by the U.S., which utilized all its powers to aim exactly the oil-backed coin. American citizens were forbidden from purchasing it, and earlier this year the Treasury Department imposed sanctions on a Russian bank which was the main global institution funding the petro's launch. He has spoken about the promise of cryptocurrency and blockchain engineering at several financial conferences around the world, from London to Hong-Kong.

Each one these brand new crypto improvements are not taken lightly at the U.S. which knows the power that it may lose if they come to pass. Only a couple of days ago the Foundation for Defense of Democracies (FDD), a right-wing think tank located in Washington, DC, has published a report warning American policymakers about this threat.
By imposing economic sanctions on other nations the U.S. can dissuade them from taking actions it disapproves of or even attracts an enemy nation to its knees without firing a shot. Iran has been on the receiving end of many American sanctions for decades now and also the evolution of local cryptocurrency needs to be seen within this context. In other words, the primary purpose of any Iranian electronic asset will be to circumvent the established banking and financial system in order to prevent economic sanctions. What do you think about Iran issuing a crypto endorsed by gold? Share your ideas in the comments section below.

Central Bank of Iran Approves Gold Backed Token

Cryptocurrencies sanctioned from the authorities or even directly murdered by central banks are not a new concept. Different countries around the globe have floated the thought or claimed to have examined it in some capacity. Sweden, as an example, is regarded as probing the creation of an e-krona, its version of central bank electronic currency (CBDC), with the help of personal blockchain development companies. However, while the country is considering the move owing to its ability to support a transition to a cashless society and other financial variables the Iranian purpose for its crypto is very different.
Published at Tue, 16 Jul 2019 22:30:31 +0000 This might help explain the Trump Administration's recent fascination with cryptocurrency. The report also focuses on America's most important trade war competition, China. It clarifies that the nation is cautious of the ever-present threat of sanctions from its own officials. Even though China is threatened by sanctions than other adversaries right now, the FDD notes which displacing American influence in the global financial system is a Chinese national settlement. It cautions that Chinese engagement may be the biggest variable in sanctions immunity attempts. "China's buy-in, if it entailed moving its trade onto a blockchain platform beyond the conventional system, would be a game-changer." The prime example of a cryptocurrency created particularly for bypassing financial sanctions is the Venezuelan petro. Like the purported Iranian token, it is also a resource-backed digital asset, only with mainly oil rather than gold. When president Nicolás Maduro introduced the petro to the public on TV back in December 2017he said that it would the nation to"progress in problems of financial sovereignty", and make"new kinds of worldwide funding" accessible to Venezuela. Also See: Iranians Defy Warning and Share Pictures of Bitcoin Mining at Mosque Control of the U.S. dollar and the global financial system which depends on it provides the American authorities a remarkably powerful tool in shaping global affairs. As such, it isn't surprising that its economic competitions across the globe will attempt to exploit the creation of cryptocurrency to choose the USD down a peg. The latest instance comes from Iran that now wants to make an electronic token backed by gold. The think tank finds technology has created a potential pathway to alternate financial value transfer systems out U.S. control. "Washington, consequently, must comprehend the benefits and dangers posed by new fiscal technology, maintain the integrity of global finance, and cultivate the expertise and influence to lead in what's becoming an worldwide crypto race."
Petro sign in downtown Caracas, Venezuela
Verify and track bitcoin money trades on our BCH Block Explorer, the best of its type anywhere in the world. Also, keep up with your holdings, including BCH and other coins, on our market charts at Bitcoin.com Markets, a second original and completely free service from Bitcoin.com. Iran has allegedly been planning to launch its cryptocurrency for quite a long while now. Last July state-controlled media also claimed that a great number of homegrown Iranian tech firms were developing such a project in collaboration with the CBI. At exactly the exact same period, the Iranian government has also made it harder on its citizens to mine and commerce cryptocurrency, together with limited success. On Saturday, July 13, Tehran-headquartered Mehr News Agency reported that the nation's first cryptocurrency issued under permission of the Central Bank of Iran (CBI) is set to be published. This was based on an announcement by an official from the Iran Chamber of Commerce, Industries, Mines and Agriculture, a nonprofit institution built to facilitate economic growth and development in the nation.