The phrase ‘Necessity is the mother of invention’ seems true for Iran. This is because Iran has unveiled its own cryptocurrency ‘Payman’. The main objective behind this launch is to counter the US economic sanctions on the country. Here, it is noteworthy that Iran is facing US economic sanctions for many years.
Islamic Republic of Iran had announced the cryptocurrency on January 29. Here, it is worth mentioning that the country had announced the cryptocurrency during a conference “Blockchain Revolution”. The main topic of discussion in the conference was the use of blockchain technology for banking and payment systems in the country.
The experts are considering it a very wise and good move because cryptocurrencies and blockchain technology is the future of world finance. Iran has taken US economic sanctions as an opportunity to step in the world of digital assets. It is also true that they have worked hard to materialize their dream of a state owned cryptocurrency.
Recently, SWIFT (Society of World Interbank Financial Telecommunication) has stopped its operations in the country due to US economic sanctions. The main objective is to restrict the imports and exports of the country and destabilize its economy. Since last summer, Iran had been trying to carve out a way to interact with the world without SWIFT.
Nothing seems beneficial except the digital currencies in this regard. This is because these are decentralized and no one can track these. After disconnection of ‘SWIFT’ from the country the Governor of the Central Bank told media that they have already started to find some alternative means of trading.
‘Payman’ will use ledger technology. A network of computers will verify the transactions taking place among the parties. This means that there will be no need of third party for validation of transactions. This will increase the speed of transactions and decrease the costs.
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It is also important to mention that Irani Rial will back the state owned cryptocurrency. Nothing has been made clear about the large scale use of the cryptocurrency. But, we are sure that government will allow Irani population to use the cryptocurrency. They will be able to make and receive payments locally.
One of the most surprising things about ‘Payman’ is that it is much different from other cryptocurrencies. Unlike all other giant cryptocurrencies, it is centralized and Irani Central bank would control it. But, this does not mean that government will not allow public access. Instead, it will have an impact on the market and economy because people will use it for sending and receiving payments within the country.
Yasher Rashedi, a blockchain developer, says that the cryptocurrency will bring many innovative features for developers and blockchain enthusiasts. He seems unsure of the widespread use of the cryptocurrency by general public. However, it will support startups and investors and all those who are used to centralized bank APIs.
The government has clarified that it will roll out the cryptocurrency in different phases. For now, Iranian banks will use it for transfer of funds with crypto based banks across the world. After its success, the digital asset will be available for public as a mode of payment for goods and services.
Critics are saying that this cryptocurrency will not help Iran to trade with other countries. But, many are saying that it will help the country to build strong relationships with blockchain based international payment systems. These systems are superior to SWIFT and other money transfer techniques.
It is noteworthy that developers have based ‘Payman’ on private blockchain. This means that public will be unable to mine it. Iran will have to face many problems in the implementation of this digital currency. But, it will help the economy to grow rapidly.
Earlier, Saudi Arabia and UAE have also announced the launch of a cryptocurrency to facilitate the mutual trade. Venezuela is also planning to launch its own cryptocurrency to counter US economic sanctions.
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