Report: Iran Lays Groundwork For Bitcoin Adoption

November 6, 2017 3:10 pm Published by

Bitcoin users may soon have a new country to see cryptocurrency gain status as a legal tender as the Iranian government is reportedly laying the groundwork and infrastructure, reported Monday.

Iran’s Minister of Information and Communication Technology (ICT) Amir Hossein Davaee revealed in the Farsi newspaper Shargh in late October a concentrated effort was being made to prepare the country to adopt bitcoin as a currency, the report said.

“The ministry of communications and information technology has already conducted a number of research studies as part of efforts to prepare the infrastructure to use Bitcoin inside the country.” – Iranian Minister of Information and Communication Technology Amir Hossein Davaee

Davaee specifically focused on the economic and infrastructural aspects of the potential inherent in cryptocurrencies, the report said. Adopting digital infrastructure will help the general interests of Iran, the official said.

He stressed a revamp of the current digital infrastructure to accommodate cryptocurrencies like bitcoin is among the ministry’s core objectives, the report said.

“We (the ICT) as the main centre in Iran dealing with the country’s technology developments have taken very seriously the issue of preparing the infrastructure for the new currency,” Davaee said.

Iran has suffered banking blackouts brought on by economic sanctions in the past and is understandably looking at new financial technologies, like cryptocurrencies, to forego its reliance on a dollar and fiat centric economic system, the report said.

In 2012, global payments rail SWIFT removed Iran from its global banks network, effectively disconnecting Iran’s banking system from global commerce, the report said. The impact was also felt on global businesses engaging in transactions with parties in Iran via bitcoin.

Iran’s banks were eventually reconnected to SWIFT last year after sanctions imposed on Tehran were lifted following former US president Obama’s nuclear deal with Iran in January 2016., Jack Durschlag

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