{"id":171641,"date":"2018-02-23T08:30:13","date_gmt":"2018-02-23T08:30:13","guid":{"rendered":"https:\/\/uniquehot.com\/?p=171641"},"modified":"2018-02-23T19:23:02","modified_gmt":"2018-02-23T19:23:02","slug":"iran-turkey-consider-national-crytpocurrency-in-the-wake-of-el-petro","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ai-and-tech\/iran-turkey-consider-national-crytpocurrency-in-the-wake-of-el-petro\/","title":{"rendered":"Turkey Considers National Cryptocurrency in the wake of El Petro"},"content":{"rendered":"
Statements from both Iran and Turkey suggest that the two countries are about to launch a national cryptocurrency, stressing the need for strong regulation.<\/p>\n
As Venezuela’s\u00a0El Petro<\/a> raised over $700 million dollars in its first round of private funding, President Modoru\u00a0took the podium the next day to announce the countries follow up, Petro Gold.<\/p>\n Instead of oil, this second currency’s value will be pegged to precious metals. This was about all the information given about the new token but it must have been convincing enough for Iran.<\/p>\n Despite overwhelming criticism and doubt cast on to the value and feasibility of the Petro, its sales figures were heard loud and clear as Iran<\/a>\u00a0announced that the framework for a cloud-based digital currency is being developed for submission to the national banking system.<\/p>\n The announcement\u00a0was tweeted<\/a> out by\u00a0Mohammad-Javad Azari Jahromi who heads Iran’s Ministry of Information and Communications Technology after a meeting with state-owned Post Bank of Iran.<\/p>\n Though no information was given as to what role the cryptocurrency would take in the economy–for instance if it would also somehow be pegged to oil as the Petro is–the government\u00a0has given hints in the past that it was considering adopting\u00a0digital currency into the financial system.<\/p>\n In direct conflict with Jahromi’s announcement, the Central Bank of Iran released a statement the same day denying that the republic recognizes Bitcoin or any other cryptocurrency as legal tender.<\/p>\n \u201cThe wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme have made the market of these currencies highly unreliable and risky,\u201d<\/p><\/blockquote>\nBoth In and Out<\/h2>\n