Iranian Government Changes Tune on Bitcoin, Will Develop Own Cryptocurrency

The Iranian government has completely changed its outlook on the global cryptocurrency space. In recent months, there has been a positive sentiment out of the country, indicating that Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term could be welcomed by the government.

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However, it appears that the country will now opt to avoid joining the global trend, and will alternatively work to create and launch its own state-run cryptocurrency.

Initial support for Bitcoin in Iran stemmed from the positive benefits that it could create for the country. Authorities viewed its integration into the financial infrastructure of the country as a way to ensure its global reach and overcome potential sanctions.

The concern over sanctions refers to the financial constraints imposed by the U.S. in 2012, which led to global financial transaction communications company SWIFT halting operations with the country. The sanctions were eventually lifted, as a result of the Iranian nuclear deal led by former President Obama.

Nevertheless, government officials have now retracted those beliefs in favor of creating their own cryptocurrency, which they believe could provide the same benefits, without jeopardizing their citizens’ funds through exposure to the high Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term associated with Bitcoin and other mainstream altcoins.

According to the Iran Front Page, an independent news site, the country’s central bank recently said in a statement: “The wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme [tactics] have made the market of these currencies highly unreliable and risky.”

Iran to Follow in Venezuela’s Footsteps

Iran’s quest to develop its own cryptocurrency is in line with Venezuela’s actions, whose president initially announced the plan to launch a government-issued virtual coin in December of last year.

The announcement of the Iranian crypto agenda coincides with the launch of Venezuela’s ‘Petro’ cryptocurrency, which took place earlier this week.