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Turkey, Iran Seriously Considering to Release State-Backed Cryptocurrencies


Turkey and Iran governments are reportedly contemplating whether to launch government-backed cryptocurrency, just a couple of days after Venezuela began presale for its Oil-backed “Petro “token.

On Feb .21, Iran’s ICT Minister MJ Azari Jahromi tweeted that Iran’s Post Bank is working on Launching a digital currency.




“In a meeting with the board of directors of Post Bank on digital currencies based on the blockchain, I […] prescribed […] measures to implement the country’s first cloud-based digital currency.”


The Iranian ICT Minister revealed that he had met with the Central Board directors and deliberated the possibility of launching a government-backed cryptocurrency.

The Iranian Cyberspace authority and High Council of Cyberspace (HCC) bought into the idea of Bitcoin, and on Nov 2017, they announced that they would engage the Central Bank of Iran on a report on digital coins. On Feb.21, the Central Bank of Iran announced it was seriously considering ways to “control and prevent “Cryptocurrencies in Iran.


Two days after Venezuela launched their oil-backed token. Al-Monitor, Middle-Eastern news outlet reported that Turkeys Nationalist Movement Party (MHP) deputy chair Ahmet Kenan Tanrikulu is openly Considering Launching a “national Bitcoin” called the Turkoin, described in his 22-page draft report on regulating digital currency.

Ahmet Kenan had earlier in a Publication said that: “The world is advancing toward a new digital system. Turkey should create its own digital system and currency before it’s too late,”


Ahmet draft comes a fortnight after Turkeys Deputy Prime Minister in an interview with CNN Turk mentioned that the government would be preparing to launch a National cryptocurrency.


Previously Turkish Government had taken a harsh stance on cryptocurrencies, when lawmakers from the Directorate of Religious Affairs (Diyanet) said in early Nov, 2017 that trading cryptocurrency differed with Islam religion due to lack of government control and speculative nature. Nonetheless, Ahmet Tanrikulu told Al-Monitor that Cryptocurrencies is not mentioned anywhere in Turkish Law and so Trading Cryptocurrency is legal in Turkey. In his 22-page report, he adds that cryptocurrency needs to be regulated to prevent fraud and Money Laundering and he adds that creation of a state-backed cryptocurrency is the best way to achieve this.


Venezuela crypto coin “petro” has faced many critics where some critics see the move as a way to dodge western sanctions imposed on Venezuela.

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