Iran developing national cryptocurrency to bypass U.S. sanctions

A state-backed virtual currency may be launched in Iran, according to the Ministry of Technology. It has revealed that one of the country’s banks is working on the project.

“In a meeting with the board of directors of Post Bank on digital currencies based on the blockchain, I … prescribed … measures to implement the country’s first cloud-based digital currency,” Minister of Information and Communications Technology Mohammad-Javad Azari Jahromi tweeted.