National cryptocurrencies are gaining popularity?


National cryptocurrencies are gaining popularity?

Iran has announced the completion of a project to create a national cryptocurrency, Israel is considering launching a state of the digital currency. Really this topic has become so acute for governments?

A discussion of this issue in Israel, which has been ongoing for a long time, due to the growth of the cryptocurrency sector currently only tightened.

The Bank of Israel in cooperation with the Ministry of Finance announced the creation of cryptocurrencies is supported by the government to reduce cash transactions in the country, in order to combat tax evasion and money laundering. The activity of the black market in Israel is about 22% of GDP.

Cryptocurrency and blockchain have become a popular in Israel due to the large number of patents and advanced technology. Recently, the country took 10th place for innovation worldwide. From the beginning of 2018, the project of creation of a legal framework for crypto-currencies became a priority for Israeli law.

Some point to several negative factors that could prevent further growth of the cryptocurrency. Among them include the high taxes. Others see this step as the beginning of the reign of cryptocurrencies, which replaced the Fiat.

Consider another country, Iran, for which the national cryptocurrency has become a necessary measure. Due to the restrictive nature of the international political and economic sanctions imposed against Iran, the country cannot conduct trade or business with most countries. As a result, the economy suffered greatly. The government is planning its recovery with the help of national cryptocurrencies “to facilitate the transfer of money” in ” any place in the world”.

Trying to use a strategy that is similar to the strategy of other countries, crippled by us sanctions, such as Venezuela, Iran wants to fight back, using the payment and transaction system based on the blockchain. In addition, due to the recent sanctions of the administration of the tramp against the USD Iran is now prohibited to conduct transactions in U.S. dollars.

So, Iran to circumvent US sanctions, has already completed a project to create a national cryptocurrency.

At the moment, financial institutions in Iran it is forbidden to offer banking services related to crypto-currencies to companies or individuals. This is due, in particular, with the government’s concerns about the laundering of money through cryptocurrency.

According to the National Center of Cyberspace, Iran’s state-backed cryptocurrency project has reportedly completed the final phase of development. 25 Aug газетаthe local Financial Tribune reported that this initiative was headed by the first President of Iran Hassan Rouhani. However, when the project will be implemented is unclear.

By the end of next month, regulators Iran and the Central Bank will soon issue an official statement on the legality of cryptocurrency transactions.

As reported CryptoGlobe, Iran has already planned the release of the digital currency to bypass sanctions by America. But the US President trump recently announced that his administration will renew its sanctions against so-called rogue state in November. He also warned that ” anyone who does business with Iran will not be doing business with the United States.” In response, President Rouhani said that the US is waging ” psychological warfare” to intimidate Iran, which is not going to give up.

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