Iran Develops Own Cryptocurrency

Iran has developed its own blockchain-based cryptocurrency, just days after the Central Bank of Iran (CBI) banned bitcoin trading.

The Iranian cryptocurrency was jointly developed by the CBI, the state-run Post Bank, and Iran’s Information and Communications Technology (ICT) ministry.

Central Bank has officially banned the use of cryptocurrencies in financial transactions in order to "prevent crimes such as money laundering and terrorism."

The move is seen as part of Tehran's efforts to control the currency market after the rial hit an all-time low earlier this month.