Informatics Services Corporations (ISC) has revealed Iran’s National Cryptocurrency i.e Ibena.
Iran has been in works for developing a national cryptocurrency. By launching their own national cryptocurrency, Iran can evade US economic sanctions. ISC is Iran’s leading provider of banking systems and reportedly been designing and developing the national cryptocurrency.
ISC on the country’s upcoming national crypto:
It is rial-backed and has been designed and developed by Informatics Services Corporations based on Hyperledger Fabric platform technology.
After being tested and reviewed, the infrastructure of Iran’s national crypto is supposed to be as an ecosystem available for Iranian banks and active companies in cryptocurrencies.
ISC explained that the blockchain infrastructure will be deployed in phases and described as:
As a token and interbank payment instrument” while the second phase will be aimed at using the cryptocurrency as “an instrument for retail payments in a society. Iranian cryptocurrency has been developed under private blockchain infrastructure and it cannot be mined. The issuer is Central bank of Iran and the volume of issuance depends on the bank’s decision.