Iranian Official: Blockchain can Provide Economic Boost

A government official from Iran has stated that the integration of Blockchain can provide the much-needed technology-related improvements to the country’s economy.

In a December 17 report by Albawaba Business, management development department of the vice presidency for science and technology head Alireza Daliri says:

 “This is possible with empowering the infrastructure of the blockchain technology with the help of government and private sector.”

He also says that Iran needs to work with other countries with regards to budding technologies, including Blockchain.

Daliri also makes light of purported concerns various governments have about Blockchain technology. He states that the innovation provides more “benefits than disadvantages,” adding that his department plans to integrate Blockchain in various sectors in the future.

In July, Daliri has revealed that the government is working on the foundation for the release of a national digital currency in Iran. As previously reported by CoinWire, the digital currency is expected to back and tokenize Iran’s national fiat currency (the Rial), to be able to expedite local and cross-border transactions to circumvent U.S. sanctions.

The sanctions have forced top crypto exchanges like Binance to evict Iranian users from their platform in order to adhere to U.S. authorities. The U.S. Department of Treasury in November has started adding crypto addresses to its individual sanctions list, which resulted in the blacklisting of two Iranian residents. At the time, the Treasury stated that it was “targeting digital currency exchangers who have enabled Iranian cyber actors to profit from extorting digital ransom payments from their victims.”

Despite the U.S. action, Iran continues to attract international crypto mining companies, who had been fraught with the current bear market. With its exceptionally inexpensive electricity, which can go as low as $0.006 every kilowatt-hour, Iran provides miners a means to stay afloat in the wake of multiple shutdowns of crypto mining firms during the past months.