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Crypto Prices Rise; Iran Reveals Details of National Cryptocurrency

August 28, 2018 06:28:26

© Reuters.  Crypto prices rose on Tuesday

Cryptocurrency prices rose on Tuesday as Iran revealed details of its national cryptocurrency in response to the U.S. economic sanctions.

Bitcoin rose 3.2% to $6898.9 at 12:53AM ET (04:53GMT) on the Bitifinex exchange.

Ethereum was trading at $284.27, up by 3.7% on the Bitifinex exchange.

XRP traded at $0.33970, up by 5.07% in the last 24 hours on the Poloniex exchange, while Litecoin climbed 6.23% to $60.305 on the Bitifinex exchange.

Iran’s central bank-affiliated body, the Informatics Services Corporations (ISC), revealed that the country’s upcoming cryptocurrency will be backed by Rial. It is developed on the Linux Foundation-led open-source Hyperledger Fabric technology. The digital currency cannot be mined as it has been developed under private blockchain infrastructure, and that the issuer is Central bank of Iran and the volume of issuance depends on the bank's decision, according to the ISC.

“The infrastructure is supposed to be as an ecosystem available for Iranian banks and active companies in cryptocurrencies area after being tested and reviewed,” said IBENA.

In other news, three of the world’s largest bitcoin mining equipment manufacturers, Bitmain, Canaan Inc and Ebang International Holdings, are planning to raise billions of dollars with IPOs in Hong Kong. These three companies design high-end computer chips for mining cryptocurrencies and sell mining equipment with chips.

“The marked decline in the price of bitcoin since the start of the year is likely to weigh on investors’ interest in these companies. The fall in the price of bitcoin from its peaks has not been matched by an equivalent fall in the numbers of people mining it,” said Benjamin Quinlan, chief executive of financial services consultancy Quinlan & Associates.

Category: News

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