Will Iran succeed in its moves it developing its own bitcoin in the face of US hegemony?

Iran is seen progressing in to developing his own national bitcoin as a response to US prohibitions. The trump administration has imposed restriction on maintaining any form of global interaction that basically requires trading. Si Iran has come with the solution.

Main reason for using Bitcoin

The capital of Iran, Tehran that is the hub of all political decisions is exacerbating towards the development of its own national cryptocurrency which is extremely necessary for its survival in the global context. The administrators and policy makers of Iran believe that this move is not any crucial, but a bold response to US imposed constraints! to any economic activity from their side.

US restrictions on Iran is not a new concept

History has always shown that Iran that has always been the rich in oil state, has bravely faced United States imposed limitations on their need to survive with sheer bravery and valor. Although the consequences of these confrontations were deadly, yet they had always worked their way out in order to combat any Economic, political and social biases.

The restrictions imposed on Iran, as mentioned earlier is not a new affair. Following the attempts by Iran to develop its own nuclear power, US have been on high alert since then. The only way it can exert its unprecedented influence is by snatching right of Iran in indulging in any kind of activity with the world. With such a punishment they hope that Iran would eventually learn lessons the hard way.

However Iran’s reactive approach seem to make US authorities off guard. Iran did not reacted in a submissive way rather they were a step ahead in devising a wise and sheer political strategy.

US restrictions on an active mode

Despite the pleas from the European Union and those countries that have supported Iran in developing its trump card, the nuclear power, United State took a very predictable stance. United States along with China and Russia agreed to the fact that a restriction should be again imposed on Iran. This time, Iran will be denied with any form of trade that requires transactions in dollar or their ability to trade in precious metals would also be curbed.

United States under Trump administration also sternly mentioned that all its allies should immediately hold back and quit in purchasing oil resources that fuels Iran’s economic prosperity and social situation. Trump also foreshadows the eminent fate of Iran and claims that US would go to extreme heights in teaching Iran a grave lesson for thinking about progression in developing its own bitcoin.

Iran is now serious for bitcoin

The update that Tehran is now extremely serious in developing bitcoin in order to progress economically, has been flooded in Washington daily posts since the week. They are so confident and adamant in finalizing their bitcoin project that an esteemed Iranian officers told the news that even the President of Iran is highly active. He has summoned Iran’s central bank to hold a conference with those authorities that will help them develop the digital currency, bitcoin.

The Iranian government seeks to view the growth of bitcoin in the recent situation when the approved currency of Iran, Rial is depreciating profoundly.

Press TV, an Iranian English channel asserts that the above announcement, regarding the heading of a meeting that would discuss the fate of bitcoin in Iran, was officially made by Mohammad-Javad Azari Jahromi. He is, at present, the Minister of Information and Communications technology and his department will head the meeting with the Central bank of Iran that is expected to take place the proceeding week.

The Central Bank of Iran intervenes

The Central bank of Iran is against the new political measure of developing bitcoin in Iran because he deems it as illegal in the country. While on the other hand, the minister is stressing upon its extreme need for the country. What would propel the bitcoin progression in Iran would be the rapidly changing perspectives regarding digital currency in the country.

Changing views of the Iranian government

Given that with the faltering economic situation in Iran, the government would eventually realize that the importance of bitcoin for their survival and favor its development. A totally new perception is now being fostered by the government of Iran which asserts that bitcoin open doors to new endless prospects rather than risk.

So, with keeping in mind, the recent government changing attitudes, the Post bank is now in full form. It has now geared all its expertise in creating an Islamic payment system that would foster and further Iranian bitcoin. The bank is has now presented a proposal for the creation of new payment system and all the technical experts are invited by Jahromi to take part in recognizing it and working towards its progression.

With all this, by the next week, we will see that Post bank’s head Khosrow Farahi, presenting the first bitcoin which takes in to notice, all the economic and social implications.

Making all ends reach

The news that Tehran has now seriously decided upon gearing the country’s resources towards the development of bitcoin as the crucial need for the survival is an overnight affair. From July, we are been acquainted with such bulletins and it is a response to sidestep US imposed restrictions. So in order to combat and get rid of supremacy of dollar that decides their fate everything when they think of progress, Iran realizes that its own bitcoin will solve a lot of problems.

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Alireza Daliri, who hold esteemed position at Directorate for Scientific and Technological Affairs of the Presidential Office, claims that his department have starting planning and organizing schemes that would further the development of the national bitcoin.

While in April when the Central bank gave out a report that banned, the use of bitcoin in the country the changing attitudes to the Iranian government thanks to US imposed restrictions, has amended things at a radical note. The ministry of Information and Communications technology do not abide by the central bank’s ban of bitcoin but rather they are working hards towards the development of bitcoin.