Transactions will be recorded on a private blockchain based on open-source Hyperledger Fabric technology. The Central Bank of Iran will control the issuance of new tokens at their discretion.
The new cryptocurrency would help move money and avoid sanctions.
The Venezuela Petro cryptocoin project lead was fired for failing to raise $5 billion for a national cryptocurrency project.
In July, President Nicolas Maduro announced on live TV the slashing of five zeros from the hyper-inflated regular Bolivar currency and announced a desperate attempt to revive the Petro by tethering the new bolivar’s value to it, calling a meeting with all banks to improvise something.
The dictatorship in Venezuela and Iran will fail with their cryptocurrencies. They are not setting up the coins to be truly anti-inflation.
The failing economies of Venezuela and Iran could see more of the people becoming aware of other cryptocurrencies and they could turn to better cryptocurrencies.
People could seek out these other cryptocurrencies to preserve their wealth from hyperinflation.