The Iranian central bank is working towards the development of a national cryptocurrency, this could aid in sidestepping the possibility of U.S. sanctions, Press TV reported.
Firms within the Islamic Republic are working alongside the Central Bank of Iran on the project, state media reported Wednesday.
The Central Bank of Iran had banned credit institutions and banks from dealing in cryptocurrency.
A similar case would be like that of Venezuela, which is currently under U.S sanctions, using their own cryptocurrency called the Petro which the Venezuelan President has confirmed will be linked to the national fiat currency.
Central banks such as the Indian Central Bank have stuck by its ban during a court challenge from Cryptocurrency enthusiasts.