As investors are trying to digest what to make of Venezuela’s newly-issued cryptocurrency, they are hearing that other nations are considering similar moves.
This includes Iran, which this week made it even clearer that it wants to issue its own cryptocurrency. The same is true for Turkey.
Same premise as Venezuela’s
This week, the Iranian Ministry of Information and Communications Technology tweeted that a meeting had taken place in which the creation of its own cryptocurrency infrastructure was disucssed.
The minister, Azari Jahromi, tweeted Thursday:
“In a meeting with the board of directors of the post-bank on digital currency-based blocking chains, it set out the necessary measures for the pilot implementation of the country's first digital currency, using the country's elite capacity. A pilot model for review and approval will be presented to the banking system of the country.”
Iran's central bank would take the lead on developing the crypto, and it would be administered by the state. Jahromi went on to say that Iran will aim to implement a cloud-based digital currency "using the capacity of the country's elite."
Just as Venezuela’s new Petro crypto is being backed by the country’s oil richest, so would Iran’s crypto. Natural gas revenue would also back the crypto, which has been given the name ‘energy coin’
Challenges to launching coin
Observers are already weighing in on the challenges Iran faces in creating its own digital currency. Hoshyar Rostami, an independent Iranian economist and head of the finance department at the Canadian University of Economic Research Finapath, in Iran was reported as saying the following:
"Our chief problem is not the creation of this digital cryptocurrency itself. First we need to bring our national currency up to the global standards and to ensure that it is recognized by the international currency system."
This must be addressed before the country can create a crypto of its own, according to Rostami.
Also like Venezuela, Iran faces financial and economic sanctions from the U.S. Observers have stressed that these sanctions will make it hard for investors to part with their monies and buy these digital currencies.
It’s in the air
It seems that there is something in the air when it comes to nations wanting to create their own cryptos. Perhaps it’s the resiliency and popularity of cryptos like Bitcoin.
We reported to you earlier today that Turkey is working on creating its own digital currency, which would be called Turkcoin. This idea comes despite the country’s harsh stance against Bitcoin.