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Iran recently confirmed that it will go on forward with preparations for issuing its own state-issued cryptocurrency to evade incoming U.S. sanctions, according to local media Press TV.

As reported by local news media outlet ISNA and translated by PressTV, Alireza Daliri, deputy for management and investment at the Directorate for Scientific and Technological Affairs, said that plans regarding the development of a functional virtual currency already existed in his programme.

“We are trying to prepare the grounds to use a domestic digital currency in the country,” Daliri said to ISNA.

He went on to say:

“This currency would facilitate the transfer of money (to and from) anywhere in the world. Besides, it can help us at the time of sanctions.”

Technical specifications regarding the state cryptocurrency are still momentarily a mystery, while a national encoded key for the local banking system could possibly be implemented within the next three months after an “ironing out” of irregularities.

Discussions of Iran issuing a national cryptocurrency had been circulating months earlier as the impending return of U.S. sanctions have contributed to an increase in requests for preventive actions.

The local authorities had previously expressed their opposing stance on cryptocurrencies such as Bitcoin (BTC), and in April it proceeded to forbid banks from carrying out any kind of operation with them.

Similar to Venezuela’s own state-backed token Petro, Iran also seems to be searching to use blockchain technology to dodge sanctions, including a total ban on purchasing U.S. dollars from August.

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