Iran has offered India a method of collaboration through a fund that allows for the exchange of digital currency, according to local media. Almost no detail is provided, except for what follows:
“Iran’s Cultural Heritage Handicrafts and Tourism Organization (ICHHTO) called for establishing a joint fund for exchange of digital currency between Tehran and New Delhi.
The request was submitted to India’s Ambassador Saurabh Kumar on Tuesday by Ali Asghar Mounesan, ICHHTO’s president, IRNA reported.
Iran and India can develop tourism by establishing a joint fund for exchanging digital currencies, added Mounesan.”
The above is within the context of quite a number of recent crypto-geopolitical developments that begun when Venezuela launched the oil-backed Petro token in February.
They offered to India earlier this year a significant discount for oil barrels if India was willing to accept the tokens. India reportedly refused, but whether they really did so or only publicly did so, who is to know.
From what we can see, or at least from what we can make sense based on what news has managed to come out of Iran, it looks like Iran is trying to follow the Venezuela model and launch their own state bond-like token.
“The Iranian cryptocurrency will be backed by assets, just like the Malaysian cryptocurrency which is backed by gold and the Venezuelan one which is supported by oil,” Iran’s IT Minister Mohammad Javad Azari Jahromi said in May.
The only other news that has come from there is a proposed collaboration between Iran and Russia to trade in crypto. In May, Mohammad Reza Purebrakhimi, the head of the commission for economic affairs of the Assembly of the Islamic Council (Parliament) of Iran, said:
“An important issue has been raised about using cryptocurrency for the past year or two, which is one of the good ways to bypass the use of the dollar, as well as the SWIFT system, and we have ordered the Central Bank in Iran to start developing proposals for using cryptocurrency.”
This discussion between Iran and India on Tuesday refers to digital currency, but we can reasonably guess they mean crypto and perhaps specifically the Iranian planned token.
They publicly refer to tourism and so on, but what probably goes behind doors is likely to be substantial trade.
It is in May again when we asked “Is Putin Masterminding a New Tokenized Bonds Crypto Financial System?” Whether they are remains an open question, but wouldn’t surprise us. Our conclusion however was and still remains:
It’s who attracts most of that talent that in the end wins the game for if they want to go there they must be doing something right. And who will win that game remains a heavily contested race.
As in America and Europe should create a far more friendly regulatory environment where this space is concerned so that innovation can flourish and they themselves can take advantage of new opportunities, such as tokenized bonds.