The Iranian Central Bank decides to lift the bans on cryptocurrencies by next month. This approach opens the way for new regulations for the latter in the country.
Opening the same file once again: cryptocurrency
Shortly before the summer, the currency of Nakamoto and all these derivatives had experienced strong moments in the Persian Gulf and more particularly in the country chaired by Hassan Rohani. We obviously remember the volatility of the local currency – the Iranian Rial – which has suffered a sharp depreciation against the dollar in the last twelve months, then causing a certain craze for the famous decentralized currency.
A few months before that, however, the central bank banned the purchase and sale of cryptocurrencies. Yes, but what to do when US sanctions hit a country hard? Some companies like Total are pulling out of the country and getting out of multi-billion dollar investment projects. Ditto for some flagships of French and European industry such as Airbus, PSA and Renault.
Hence, in order to fight against these “unprecedented” American sanctions, it seems that Iran is planning to leverage cryptocurrencies for this.
Iranian national cryptocurrency
Having already signaled his intention to create a national cryptocurrency, Iran’s central bank’s chief innovation officer, Nasser Hakimi, said that, as of now, attention will now shift to regulating public cryptosystems. The latter told the media Eghtesad that “the Higher Council for the fight against money laundering (AML) has imposed a ban on cryptocurrency since the latter sparked many debates on the financing of terrorism and money laundering. However, after reviewing the government, it appears that this ban is being reviewed again. “The government will then review the file in September.
Iran’s initiative to launch its own digital currency seems to have reached a final stage of development. The sketch of the project was prepared at the request of President Hassan Rouhani.
Saeed Mahdiyoun, the deputy director in charge of the first drafting of the document for the National High Council of Cyberspace, told the local news agency IBENA that the project would be ready soon. He further added that the idea of introducing a national cryptocurrency has been extensively and actively sought at recent council meetings.
The country’s decision to develop a national digital currency was revealed last July and comes in response to recent economic sanctions led by the United States. The purpose of this new crypto is simple. It must serve as a means to “facilitate the transfer of money” to “any region in the world“.
If some mining companies had settled in the country to ‘serve the good cause‘, we hope that they did not set sail during this tumultuous summer!