Topic: Iran's Draft To Backed Cryprocurrency (Read 417 times)

Energy is probably cheap in iran, just a guess as i don't live there. If they are successful with their crypto currency then they could bypass any sanction imposed by other countries. Oil would be readily available to any buyer

I don't know but I'm having a second thought on having this because it just sounds to me more of corruption and manipulation thus more power for government. Like if they want to use digital currency then just use bitcoin which is fully decentralized than having our own version. It's more likely digging our own trap.


Nah, read the article about this before saying it's a good news.

This is good news, now Iran has authorized the cryptocurrency, so I want to see it directly in Iran but there is a barrier that makes me unable to go there.

That's good for them, it is really high time for Countries to absorb and immerse into crypto world. Other Countries must also study and consider in having digital money to help grow their economy in one way or another.

I just based my opinion on this article.

https://medium.com/@lina.network/iran-state-backed-crypto-draft-is-ready-central-bank-to-soon-announce-stance-on-crypto-4b0e9e840a38

In my POV, this is something that middle east needed. This will be a stepping stone for crypto currency as in this draft it will remove the uncertainties in cryptos but the catch here is they still banned using other cryptos. Though I can't argue about the authenticity of this as we don't know if there will be a hidden agenda beneath this. However the centralization issue will be a big talk for Iran.

It would suit them if they banned other Crypto currencies.  They might even have banned it to pave the way for their own Crypto currency. We all know how these corrupt governments work, so it is no surprise if they banned it in advance.

GovCoins will also fail, just like Fiat currencies fail, because it is controlled and manipulated by these corrupt governments.

It's quite shocking that two countries rich in oil have economies are struggling and need to switch to crypto. Good for us because it shows bitcoin and the tech can be used legitimately and not just by underground activities.

 Another ShitbakedbyDictadorsCoin. Anyone could easily build a digital coin. The power of Bitcoin is in the ability to be decentralized and controlled by the community. People are free to choose. A State that is controlled by few people would never be able to accept this idea. And if it is not decentralized it doesn't need to be a cryptocurrency. It could be a project controlled by a central server that will offer a stupid coin without fee and very fast.

YesĄ We are taking it one day at a time, and this is a big step forward! im glad more and more countries are becoming open and aware of bitcoin and cryptocurrencies in general.

Iran is a developed country that is very brave to make wise decisions for its country even though it is against many countries of the world. This is a step forward that many countries can do when Iran is successful with Crypto including my country

I did not know that Iranian are into cryptocurrency because they are strict like the other arab countries, but it's a welcome development, if the Iranian government the other countries also can the only other Arab countries can too, this is the reason why I joined the Arab dedicated exchange, they will have a great contribution in the industry.

But the IRS seizing assets, closing bank accounts, and garnishing wages are fundamentally different than what I am talking about. These individuals can still transact with cash if they choose, or open up a bank account with a community credit union or some other private bank. They still have the option of working under the table and earning money in the physical form. When I say completely locked out of the financial world, I mean not being able to buy anything or hold any money. Being permanently unable to make a purchase. Permanently unable to earn money. This is a reality in a digital, cashless society. And a successful centralized fedcoin means this cashless society is inevitable, as there will come a time when cash is no longer legal tender, and complete totalitarian control reigns power over the people. Andreas A. is concerned about the very same thing and feels the same way.

There will be no large exchange but the Iranian government will be, they will surely manipulate all these things just to make their coin survive. Definitely a buy back method from its investors.

I believe fedcoin is just suitable for countries that have hyperinflation like Venezuela but with other countries that doing good there's no way, it should be just bitcoin.

Crypto currency has recently been resolved by Islam, so the attitude towards it has changed. Countries that preach Islam convert to using crypto currency. Iran's release of its own centralized crypto currency is, one of the forms of such a transition. This is not yet the adoption of a decentralized crypto currency, but so far this is also good. While citizens can gradually learn the crypto currency, seeing that the state itself goes to its use.

right now they can lock anybody out if they wanted to. it just needs a court order to seize a person's assets, close his bank accounts, ... even in US. it is happening every day. they don't need a centralized blockchain and a FedCoin to do it.
for example "An IRS levy permits the legal seizure of your property to satisfy a tax debt. It can garnish wages, take money in your bank or other financial account, seize and sell your vehicle(s), real estate and other personal property. https://www.irs.gov/levy


all this other discussion part is based on the assumption that if they create a FedCoin then they will ban usage of bitcoin. which is another discussion about whether they will or won't. i'd say they "might" and if they don't then there is no restrictions. but if they do ban it then you are correct.

They would have immensely more power in a cashless society operated on a state-controlled blockchain. Banks are mainly private enterprises (with exception to central banks), they are not controlled by the state, at least not in the country I'm in, the US, so I can't speak for other places. With a state cryptocurrency, your bank account would be controlled by the government, not by a company. Vast differences there. In a cashless society, the government can lock you out of the economy. No ifs, ands or buts about it. You will have no way to do anything financially. This state actor could make their own notes and physical coins no longer legal tender, and enforce the use of their own coin.


They wouldn't be able to use Bitcoin if their government enforces the use of their own fedcoin. They could easily flip a switch in the centralized blockchain which inhibits any attempt at transacting with or buying bitcoin. If you are caught? You are locked out of the financial system for an arbritary amount of time, possibly indefinitely.

If each country has their own fedcoin that is legally required for you to use, there would be no use for Bitcoin. And if you are caught you are threatened with losing it all...
We have different views about the future of state-backed cryptos I am very cynical by nature though, so maybe that's why  

i disagree with these three points you mentioned here.
first of all the government creating a new form of the same money they already control is not going to give them any more power than before. governments of every country is already printing money and control the flow of it, as for "changing 1 to 0" that can still be done through banks since people all around the world are not keeping their money under their mattress! they have it in a bank so a "new form" aka a cryptocurrency is not going to change that.

why would it? if someone wants to use The decentralized currency, they will. and if they don't care about it, they will never do it with or without a fedcoin.

other countries WILL follow eventually and it has nothing to do with success of failure of these coins. and this is not the first of them we have already have a couple of them, Venezuela as the completed one and other countries like India working on it and others.
even if it fails the big countries such as US will eventually start making their own FedCoin controlled by the government and the "3 letter agencies", they are just studying where theses current ones go wrong so that they avoid the same mistakes.
why do you think JP Morgan has been bashing bitcoin while hinting at using blockchain technology...

No, a cryptocurrency issued and managed by the state will be completely different than any cryptocurrency out there currently. Yes it will definitely be centralized, and it wouldn't be paired with Bitcoin or any altcoin. This type of cryptocurrency could be considered fiat. I truly hope this will fail spectacularly, as a successful state-backed cryptocurrency would set a dangerous precedent.

A state-backed cryptocurrency would give that state actor significantly more power over it's people. This is the darkside of blockchain technology, as this would create an Orwellian nightmare. Just by changing a 1 to a 0 they can completely lock out any civilian from accessing the financial world, and essentially cast them out of society. They would have complete and total control over everyone's bank account, and every single "dollar" out there.

That and a successful, mandatory fedcoin would probably stop Bitcoin adoption dead in its tracks.

Iran doing this is not good for cryptocurrency! It's actually very bad! I hope this fedcoin fails spectacularly! Otherwise, if its successful the precedent will be set and it's only a matter of time until other countries follow suit. The future needs to be open and decentralized! Not the exact opposite!

[1] they didn't ban bitcoin, they banned banks from using or getting involved in bitcoin in any ways.
[2] he is working in the National Cyberspace Regulatory thingy which is responsible for basically setting laws for how people use the "internet" and related stuff!

Using a crypto may help waiver the sanctions but having a crypto to help your economy is a bad thing to do. It won't help your economy to go up. The prices can be more easily manipulated, you need to have a lot more knowledge on how crypto works than suddenly just making it your "state backed currency". Iran is following Venezuela's same mistake and its not going to end well. Banning US$ won't change anything either, Iranians are moving out because of these stupid decisions and a war between US and Iran shouldn't be surprising to see.