The move mark an evolution in Iran’s monetary policy, whose central bank in April banned credit institutions and banks from dealing in virtual currencies.
The Central Bank of Iran’s is cooperating in the development of a cryptocurrency for the nation, to help dodge the return of US sanctions.
Companies in the Islamic Republic are working on the project with the Central Bank of Iran, state media reported Wednesday, citing the semi-official Iranian Students News Agency.
Venezuela, which is under US sanctions, has announced plans for its own cryptocurrency dubbed the Petro. The value of a redenominated currency Venezuela intends to introduce next month will be linked to the virtual coin.
Other central banks have largely distanced themselves from privately issued coins, with India’s, for instance, sticking by its ban in the face of a court challenge from digital-coin enthusiasts.
The ISNA news service cited Alireza Daliri, deputy for management and investment affairs of Iran’s Directorate for Scientific and Technological Affairs of the Presidential Office.