Sputnik - Iran appears to be loosening its restrictions and jumping on the cryptocurrency bandwagon. The country�s recent move to legalize cryptomining seems to be another step toward creating a state currency based off the blockchain.




Back in�April, Iran's central bank banned domestic banks from�dealing in�crypto. The country also banned the exchange of�local currencies into�cryptos, among�other measures.

Now, Iran's Supreme Council of�Cyberspace says it is legalizing the mining of�cryptocurrencies, International Business Times reported. Cryptomining is done on�a computer, a process in�which cryptocurrency transactions are verified by�third parties and added to�the blockchain digital ledger. Like regular mining, you can also strike gold. In the process, you are also awarded crypto when mining for�many currencies. For bitcoin, the currency is a natively generated byproduct of�a completed algorithm. More broadly, crypto assets are generated or distributed in�return for�lending computing power toward�mining.
Iran is considering creating its own national cryptocurrency, much like�Venezuela did in�December 2017 with�the petro. Both nations, it should be noted, have opened up�to crypto amid�crippling sanctions imposed by�the United States.


Iran's cyberspace council secretary, Abolhassan Firouzabadi, said that a framework and policy for�trade and participation in�the crypto sphere will be decided by�September 22.

According to�IBENA, an Iranian finance-focused news agency, which spoke to�Firouzabadi, the country is hoping to�use crypto to�trade with�partners and friendly countries to�reduce the impact of�US sanctions on�its economy. The crypto will be issued by�the central bank.

The Iranian technology firm Informatics Services Corporation designed and developed a cryptocurrency for�the government, the name of�which has not yet been released or drafted. The firm told IBENA that the currency is based on�Hyper-ledger Fabric Platform technology, which is used for�the development of�products dependent on�the blockchain.