Iran Completes Development of Rial-Supported National Cryptocurrency
Iran has finalized the development of its national cryptocurrency, which is backed by the local fiat unit, the rial. Once the Central Bank of Iran (CBI) approves its use, the yet-to-be-named digital currency will then be issued to banking institutions for testing in payments, internal and interbank settlements according to local media reports. Also Read: Bahamas […]
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The Financial Crimes Enforcement Network has warned U.S financial institutions that the Iranian government might be dodging economic sanctions by using cryptocurrencies. The document highlights challenges arising from peer-to-peer virtual currency exchanges and encourages banks to monitor blockchain ledgers for transactions tied to the country. Also Read: Church Mining Cryptocurrency to Pay Higher Electricity Rates Iranian […]
