Iran will release a gold-backed cryptocurrency, which will be mined under the permission of the country’s central bank, local news outlet Mehr reported citing Shahab Javanmardi, CEO of FANAP, an Iranian information and communications technology (ICT) firm.

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As Shahab Javanmardi said, the Iranian cryptocurrency is mined in accordance with the agreement of the CBI and by a consortium of Iranian private IT firms.

“The Iranian cryptocurrency is backed by gold but its function is similar to foreign rivals,” said Javanmardi.

“The domestically encrypted money is to ease optimal use of Iranian banks’ frozen resources.”

Underlining lack of required regulations in cryptocurrency sector in Iran, the private sector official urged the government for regularization of bitcoin mining business in the country.

The announcement came just few days after a CBI official announced that all cryptocurrency-related activities are forbidden in Iran.

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