Will a central bank cryptocurrency enable Iran to evade US economic sanctions?

Colleagues, with US economic sanctions to take effect in August 2018 Iran’s government is renewing its quest to establish its own cryptocurrency backed by the country’s fiat currency – the “Rial”.  This plan is being led by the government’s Science and Technology Department in coordination with the Central Bank of Iran. This move is not unexpected as Iran’s economy struggles and the pressure from US sanctions mounts. Two broader questions emerge. First, will other rogue nation-states such as North Korea, Syria, Sudan, and Venezuela seek to implement their own cryptocurrencies … and with what backing? We do know that Venezuela intends to back their cryptocurrency with the price of crude oil. And second, are we seeing the bifurcation of the global cryptocurrency ecosystem into legitimate first world and underground thirdworld currencies … each with their distinct exchanges and protocols? The Cryptocurrency Academy believes this assume is valid and that the next 24-36 months will in fact witness two parallel crypto ecosystems develop. Send us your comments today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)