Iran is getting crushed by US sanctions, and it is looking gloomy for their economy. The Islamic nation will be announcing their state-backed digital currency. Many analysts believe that the new cryptocurrency will help with the effects of the sanctions that were put on the nation. It has been reported that this announcement will be made at the Electronic Banking and Payment Systems Conference in Tehran, on January 29, 2019. Donald Trump put the sanction on Iran last year, due to “malign activities”. By the end of last year, SWIFT was not permitted to provide financial service to the nation as well. Many Iranian business owners and investors have not been able to receive and send international transactions. The country has since been exploring their own state backed cryptocurrency, which would allow Iranian citizens to continue their international transactions. The state-backed digital asset will be launched in two phases. The first phase will only be rolled out to local and commercial Iranian banks, and the cryptocurrency will be called Rial. The second phase will allow public access to the cryptocurrency. This just proves that SWIFT is not needed by banks, once cryptocurrencies have come into play.
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