An Iranian lawmaker has argued that the country's Central Bank ought to be the oversight body of Bitcoin and other digital currencies. Tasnim news agency was the first to report on this development after Rep Mohammad Hossein Farhangi (Tabriz) shared his sentiments in Parliament.
According to Farhangi, Iran's Central Bank led by governor Abdolnaser Hemmati should take “the issue of bitcoin seriously.” Currently, this industry is overseen by the Ministry of Industry and Mines in which Farhangi sits as a committee member. He has since echoed that this approach is insufficient for the general oversight of cryptocurrencies:
“We do not understand that the government has entrusted the monitoring of Bitcoin to the Ministry of Industry and Mines … because the central bank must oversee digital currencies.”
Farhangi went on to highlight that Bitcoin presents an opportunity for Iran, should it be properly managed, “[a] good opportunity for the country,”
Iran's Advancement for Crypto
Interestingly, Iran has made laudable progress in the crypto space. Having recently added crypto to recent ‘currency smuggling' regulation in a bid to curb illegal activities via digital currencies.
This regulation was followed swiftly by a request on efficient mining strategies to be regulated and supported by Iran's government. Notably, the country's largest Bitcoin mining operation was licensed last month by the Ministry of Industry, Mine and Trade.
Being a highly sanctioned state, Iran's officials have, in the past, rallied to adopt crypto as a way of avoiding the financial implications of sanctions. While this may not sit well with the imposing parties, Iran and its sanctioned counterparts, such as Russia and Venezuela, may soon have a way out.