Cryptocurrency is welcome in Iran

The Iranina Central Bank has announced, "it will be a regulatory framework instead of clear-cut regulations for cryptocurrency in Iran".

Cryptocurrency is welcome in Iran

Blockchain technology based digital currency, also known as cryptocurrency is now welcome in Iran. One of the main entities deciding the fate of virtual currencies in Iran - 'High Council of Cyberspace' has welcomed the idea of Bitcoin and other cryptocurrencies if they are harnessed by clearly-stated regulations.

According to an Iraninan daily, HCC secretary, Abolhassan Firouzabadi told ILNA

“We [at the HCC] welcome Bitcoin, but we must have regulations for Bitcoin and any other digital currency. Studies are necessary for considering a new currency.”

Iran is one of the few middle east countries that are currently studying virtual currencies as the price rise and market capital has captured the attention of mainstream. Noting the violent price fluctuations in crypto, Iran’s central bank has not come to a stable and defined stance on it so far. Two out of the six envisioned documents by the agency on fintechs and cryptocurrencies have already been published by CBI. They are dealing with payment initiators and payment facilitators, a third covering micropayments and related technologies in fintech is to be announced in the next few weeks. The fifth document exclusively deals with cryptocurrencies and will be unveiled by the time the sixth month of the next fiscal year comes to an end in September 2018, says the Iranian daily.

Despite issuing precautionary warnings, like one given in less than two weeks ago by the head of CBI’s Innovative Technologies Department, Nasser Hakimi asking investors and the public to refrain from dealing with virtual currencies without proper knowledge and to remain cautious, Iranian government authorities have consistently signaled that they are open to the idea of allowing Bitcoin and other cryptocurrency use in the country

The Iranina Central Bank has announced, "it will be a regulatory framework instead of clear-cut regulations for cryptocurrency in Iran". CBI and related entities are working on mechanisms of control and supervision over the supply of cryptocurrencies, however people must be aware of their risks and dangers on the demand side, added Firouzabadi.

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