Iran will soon launch its first state-backed cryptocurrency in order to deal with the oil and finance sanctions imposed by the Trump administration last summer.

Some of Iranian banks are being denied access to the SWIFT international payment network. The state-backed cryptocurrency, therefore, is believed to serve as an alternative to SWIFT, which allows Iran to join a blockchain-based international payments system.

According to Al Jazeera news, the cryptocurrency will be announced at the annual two-day Electronic Banking and Payment system conference on January 29 in Tehran. “Blockchain Revolution” is the theme of the meeting. 

Iran is one of the governments resorting to centralized digital currencies to cope with sanctions and restrictions. The Russian Economy Ministry has proposed a draft law allowing companies from certain sectors and regions to use cryptocurrencies in their financial transactions