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Iranian central bank is working on blockchain for independent financial system

iran using blockchain for financial freedom

Iran is looking towards blockchain technology with interest and is striving to take maximum benefit from this segment and financial independence. Iran’s central bank has recently taken the initiative to introduce advanced blockchain technology in the banks and also in the financial institutions.

In order to fulfill this aim they have established a proper platform called Borna; this is an independent platform that will provide the best blockchain services to the Middle Eastern and North African area.

Iran’s Central Bank has not taken this step individually but, in collaboration with one of the blockchain firms and with an Informatics Service Corporation.

Initially, Borna provided services on a small scale, but now its horizon has been enlarged, this platform is using advanced ledger technology and will be helpful in providing transparency and accuracy in the banking and financial institutions of the country.

They are striving to bring this platform at par with international standards. Borna will collaborate with the international players in the near future in order to perform its operations effectively and with utmost efficiency.

CEO of the Areatak has explained that this action will bring closer all the banks and businesses. As the validation of license by the Central Bank would be made obligatory, and this will bring improvement in the fintech sector.

CEO further briefed about the implications of the Borna by saying that there is no deadline for this project but, the Iran Central Bank should first address all the legal issues and concerns regarding this matter.

Iran has certain plans for making their own currency integrated with the cryptocurrency, and this would be done by utilizing the platform of Borna, but there are certain reservations regarding this plan owing to the regulation of the currency.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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