Modelling and availability of digital currencies in the Far East

By Wirba Brice Divine Ransinyuy. [email protected]

The name Far East actually deserves such appellation, due to its geographical, political, social, and economical location and situation, though these countries are advancing with a great pace. In the Far East, some countries are really getting along with the western civilization as they do their possible best to keep updated to what is happening around the world and try implementing the new things that are being manufactured or created. This is particularly the case with today’s technologies like the case with the blockchain technology and digital currencies. As some nations have accepted these technologies fully, others are still hesitating as they don’t see they need of using it in their economic set ups. It is vital for nations that are still hesitating to faster accept and follow the footsteps of nations like Dubai and Qatar in the use of the blockchain technology and the digital currencies.

On the month of April 2018, another outstanding country situated in the Middle East decided to follow the steps of Dubai and others. The country is known as Iran. Iran with its twin country Iraq are trying to move on with pace of technology. With that, in order to facilitate and implement digital currency in their country, the Iranian government under their government minister decided to ban local banks from dealing in all forms of crytocurrencies as it was to enable the government to experiment a model of a domestic digital currency that was under development.

Furthermore as reported in the Reuters, the minister of Information and Communications Technology (ICT), Minister Mohammad Javad Azari-Jahromi said “Despite the banning of retailing banks by the central bank or the restriction or limitation, it does mean it has prohibited or restricted the use of the domestic digital currency in home or domestic development”. This experimental prototype model of the use of a domestic digital currency is ready for use.

The bringing up of this locally made and developed domestic digital currency is a collaboration between the Iranian government and the Russian government. This was to permit to limit and by pass the so many restrictions put in place by Western powers and supreme nations like the United States of America as a domestic digital currency like cryptocurrencies will be a good way to uphold and strengthen their national economy and the also the existing collaboration between these two nations as it will be another way for the Iranians to bring into a place a payment system that benefits the citizens and avoid the dollars transactions and limitations.