National cryptocurrency in the post-Soviet space
It is known for certain that in Ukraine in 2016-2017 the national cryptocurrency could appear. The former head of the national bank Valeria Gontareva was directly involved in this project. Later work was stopped.
Attempts were made to create their own crypto-money in Belarus. On 6 October 2017, the first cryptocurrency called Thaler was launched in Belarus. In March 2018, the country officially allowed the purchase, sale, exchange and mining of virtual money.
The package of bills on digital financial assets was presented and passed the first reading in State Duma of the Russian Federation. This all died down.
Iran and its own blockchain
Iran went the furthest on the issue of the legal status of digital assets. It is unknown what is the legal status of bitcoin and other well-known cryptocurrencies in the country. Nevertheless, the development and implementation of the national cryptocurrency is in the final stage.
The authorities of this country note that the coin (which does not yet have a name) was created for research purposes. However, some people say that by introducing its crypt, Iran will be able to bypass economic sanctions by the United States.
Now the new asset is under consideration by the Central Bank. Testing of payments will be carried out by financial institutions. Whether we are talking about the blockchain or the Iranians will have to deal with local controlled servers? In the second case, the idea of cryptocurrency is lost – anonymity of transactions and decentralization.
Inflation of the Iranian crypt is quite real
This asset is tied to the Iranian Rial. This is a volatile and not the most reliable currency in the world. The official exchange rate of the Rial to the dollar is 41 000 : 1. According to unofficial rate $ 1 costs 143,000 rials.
In exchange for each unit of the national cryptocurrency, the corresponding amount in rials will be blocked on the accounts of the Central Bank. It is unknown about the clear final amount of digital coins to be issued. If the Iranians turn on the printing press, in parallel with it, the digital asset will depreciate. And this is contrary to the ideology of cryptocurrency, which is subject to volatility, but not inflation.
In short, when we talk about the national cryptocurrency of Iran, so far there are more questions than answers.