Iran will develop its own state-run cryptocurrency, shunning Bitcoin

In a move that has many followers of the crypto industry scratching their heads, the Iranian government has done a u-turn on its attitude towards currency and will launch its own state-run virtual currency.

Previously, it was thought that the country would welcome Bitcoin and other cryptocurrencies, but that dream has now been thwarted by new reports.

Iran’s central bank is reported as saying (via FinanceMagnates): “The wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme [tactics] have made the market of these currencies highly unreliable and risky.”

Alongside Iran, Venezuela has also announced similar plans to launch a government-controlled virtual coin rather than welcome in established, but still volatile, coins.