The head of the Iran Blockchain Association has offered to create a crypto regulation council

The Association offers its assistance to regulators who, in its opinion, are not sufficiently prepared to solve such a difficult task

04.11.2021 - 14:00

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What's new? The head of Iran’s Blockchain Association (IBA), Abbas Ashtiani, stated that the country's authorities do not pay enough attention to the enforcement of cryptocurrency laws, the Financial Tribune reports. In his opinion, the Central Bank of Iran (CBI) is unable to regulate digital assets. According to the Financial Tribune’s report, the IBA has demanded the creation of a special council to take responsibility for regulating cryptocurrencies.

Article on the Financial Tribune website

The head of the IBA commented on the situation as follows:

"We need a special council of representatives from state bodies and private enterprise to craft regulations for cryptocurrencies. The CBI or the Security and Exchange Organization are not qualified enough to set rules for cryptos given the multidimensionality of the issue".

What are the conditions for the use of digital assets? Although bitcoin mining is allowed in Iran, cryptocurrencies cannot be used as a means of payment. However, banks and licensed exchanges are allowed to use digital currency generated by registered miners in Iran to pay for imports. At the beginning of 2021, about 30 enterprises were licensed to mine in the country.

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