Russian Developers partnered to develop crypto economy of Iran

somendra94 (36)in #partiko • 5 years ago (edited)

recently, Iran Blockchain Labs (IBL) of iran and Russian Association of Crypto Industry and Blockchain (RACIB) signed the an agreement.

What Is IBL ?

To implement digital technologies such as blockchain,IBL is established by the Sharif University of Technology with the participation of the Central Bank of Iran.

What Signed Agreement Says?

According to the newly signed agreement, The president of RACIB, Yuri Paripachkin said that with the agreement Iran would be able to take advantage of the expertise of Russian developers.
Why Iran Took Stand to build its crypto economy?
some of the major cryptocurrency exchanges such as Bittrex and Binance unofficially stopped their services in the Islamic republic.
Iranian financial institutions were denied to access the international payment system Swift. As we know Iran is a major oil and gas exporters and such kinds of incidents will severely affect the economy of Iran. In response, Iran has finalized the development of Rial backed national cryptocurrency. The Central Bank of Iran (CBI) has also approved the uses of national cryptocurrency. Initially, Iranian authorities opposed the acceptance of cryptocurrencies in the country, but now they have recognized their potential to use them to evade the sanctions. The ties with Russia will help the Islamic Republic to develop its crypto industry at a rapid pace. With Russian developers, Iran is actively developing an alternative to the global interbank network.