In the face of fresh sanctions slapped by the US, Iran has stepped up itsthe process of developing own cryptocurrency in a bid to tackle the adverse situation to be created due to the steps taken by Trump administration.

Developing national cryptocurrency by the oil-rich nation is seen as a counter step as the sanctions may limit Iran’s entry to US forex.

Despite calls from signatories to the Iran nuclear deal, made by, among others, the EU, Russia and China, Washington reimposed sanctions and urged allies to chop all purchases of Iranian oil.

On August 8, a day after the US restored the sanctions, Iran’s highest authorities discussed the sanctions related issues and decided to launch own cryptocurrency very soon.

Although Iran is against using virtual currencies and considers it unlawful, in the present context, the country is in favour of cryptocurrency.

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