Crypto News | Iran ICO on the horizon?

What is going on in this world anymore? First Venezuela with the petro, then Israel with the Shekel, and now Iran? It was supposed to be decentralized, remember? Experts are speculating that an Iran ICO may be in the works after a series of confusing and contradictory statements by the Iranian government and its central bank. As late as October last year, Iran was planning to implement infrastructure that would allow widespread Bitcoin usage. The country turned to Bitcoin as a way of circumventing strict sanctions on trade. But now, the government completely reversed its stance, claiming that it never planned to recognize or implement Bitcoin. The flip-flopping caught many Iranians off-guard, since they are already using cryptocurrencies. Now, when the government is spurning digital currencies, threatening to ban them all, it turns out that the only reason they are doing so is to get rid of the competition. A state-issued crypto is already in the works, so apparently an Iran ICO is inevitable.

And why not? For Iran, it might be worth a try. After initial skepticism, experts are already speculating that the petro might just work out great for Venezuela. Its value is based on oil prices, the coin already raised close to a billion USD, it uses existing and tested Ethereum/NEM infrastructure, and it provides a way for investors to ignore US sanctions.

The dream, both for the petro and the Iran ICO, is to become something similar to Ripple. Unlike some cryptocurrencies, Ripple is always adapting to respond to market needs. Two new white papers are to be released by Ripple – aimed at improving the diversity of node connections and XRP’s consensus algorithm. At the same time, Ripple, which already provides its services to major financial institutions, announced that it was adding 5 new clients. Two of the financial institutions are from Brazil, and the rest are from India, Singapore, and Canada.   

Meanwhile, Bitcoin is still struggling to attract Wall Street investors. Goldman Sachs executives believe that Bitcoin has no use, since it is like a solution looking for a problem. According to Wall Street pundits, Bitcoin is only useful for third-world countries with no access to financial services and those who want to avoid control. They do not believe it is able to replace fiat currencies and commodities, not even as a way to store wealth, where gold is superior. Wall Street fears that, when improved versions are released, the value of all cryptocurrencies out today will drop to zero. What do you think? Apparently, at least Venezuela, Israel and Iran disagree.

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Author: Max Rothstein

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