Iran announced that the government intends to carry out a new infrastructure for bitcoin users in the nation.
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“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,” said Amir Hossein Davaee, Iran’s Deputy Minister of Information and Communication Technology.
The country is still under international sanctions that influence many monetary sectors including shipping, energy, and finance.
International sanctions have terminated the ability for citizens of Iran to utilize online payment platforms including PayPal, Venmo, and Braintree.
Decentralized currency like bitcoin which cannot be regulated by a central bank would be a way for the government of Iran to overcome the sanctions.
Davaee added that the Central Bank of Iran would supervise transactions and set the ground rules for transactions made using cryptocurrencies.