TEHRAN – The Information Technology Cultural Center in Tehran hosts a workshop on cryptocurrency on Monday, Mehr reported on Saturday.

The members of Iran Blockchain Community, which sponsored the event, discusses the fundamental issues of blockchain, Initial Coin Offering, the principles of bitcoin, Ethereum, smart contracts, crytptocurrencies in Iran and state-run projects based on blockchain. 

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.

In April 2018, the Central Bank of Iran banned domestic banks and people from dealing in foreign cryptocurrency because of money laundering and financing risks.

However, the CBI decided to take a more moderate stance toward the digital money and blockchain technology following the imposition of a new round of U.S. sanctions, hoping that the digital technology would facilitate Iran’s international money transfers and let the country evade the sanctions.

In late January, the acting head of Iran's Trade Promotion Organization (TPO) Mohammad Reza Modoudi announced that Iran is in negotiating the use of cryptocurrency in its financial transactions with eight countries.

SB/MQ/MG