With the order of the Minister of ICT, Post Bank of Iran will be issuing the country’s first digital currency over the blockchain technology as a pilot.
While the Central Bank of Iran has not yet taken any official stance towards cryptocurrencies, the ICT Ministry seems to have taken the lead to carry out the mission of implementing the country’s first cryptocurrency. Mohammad Javad Azari Jahromi, Iran’s young ICT Minister has once again shown that he’s aiming to take an agile approach towards new technologies including cryptocurrencies and the blockchain in general.
In a Twitter post on Wednesday, Azari Jahromi announced that the government plans to implement the country’s first digital currency over the blockchain technology by using the country’s capacity of the elite. Post Bank of Iran will be in charge of this project and will present its pilot model for review and approval to the banking system of the country, as stated by the ICT Minister.
Azari Jahromi has also mentioned that the cryptocurrency transactions in the exchange offices in Iran are “stunning”. He also added that there are two approaches regarding cryptocurrencies in the country. “We can say that this is the responsibility of other government bodies and take a passive stance, or we can be a bit more active in integrating with the other bodies,” said the ICT Minister, as reported by Mehr News.
Last month Iran’s Deputy Minister of ICT had announced that the ministry is ready to collaborate with the Central Bank of Iran and the National Informatics Corporation to prepare the infrastructure for FinTech companies working on cryptocurrencies. Issuing a local cryptocurrency, a cryptocurrency consortium with specific countries and regulating the already established cryptocurrencies are under the review by the ICT Ministry according to Nasrollah Jahangard, the Deputy Minister of ICT. Read more from this link.
Post Bank of Iran was initially founded by the government. Later the bank went through a process of privatization by selling shares in the stocks and security market. Currently 51 percent of this bank is government owned and the rest belongs to the private sector.