If it’s widely accepted by the public, the government has to go with it, however. This statement is proved by the public of Venezuela, Russia and now Iran. These countries, to overcome the power of the US dollar, are now reinventing their economies with typical digital currencies called cryptocurrencies. These cryptocurrencies, being a by-product of relevant blockchain shall possess many uses that would address the problems in the current economy.
Iranian Government Plans to Launch Gold Backed Stable Cryptocurrency to Stabilize it’s Economy
While Venezuela is trying to create something that’s backed by petroleum to stable it’s inflation, many such unstable economies are now finding a path in new technology to reinvent themselves. And today, it’s the day of Iran and it’s people.
A government official from the Iranian Ministry of Commerce, Industries, Mines and Agriculture (ICCIMA), Shahab Javanmardi, has revealed the news of the country’s plans to launch its cryptocurrency soon. This will be backed by gold and shall be mined by the country’s private IT firms under government and CBI.
Furthermore, he said, “The domestically encrypted money is to ease the optimal use of Iranian banks’ frozen resources.”
This announcement of launching a homemade cryptocurrency came just a while after the Iranian government banned and seized hundreds of mining machines in the country. As the Iranian government subsides electricity, the tactical public has used that cheap power supply to mine Bitcoin and other cryptocurrencies in the nation without government’s permission. This led all of them to sack and ban.
Now all the officials are calling up for regulating the Cryptocurrencies properly and to tune away for the mining business.
What’s with India?
The committee to which the responsibility of preparing regulations for Cryptos in India is delegated is all set to lunch them soon. The recent FUDs prevailed in India regarding the ban of Cryptocurrencies are just fake, confirmed by a government official. And the much-awaited case of Indian petitioners vs RBI’s banking ban against cryptocurrencies is set to hear in Supreme Court on 23rd of this month.