Iran’s Cryptocurrency Regulations to get Updates in September, Bank Ban to be Lifted?

Iran’s Financial Crisis Leads Them to Cryptocurrency Of Their Own

Cryptocurrency was born out of the desire for the public to have access to trading opportunities and a mainstream method of decentralized payment around the world. When Bitcoin was started, the anonymous founder was hopeful that they could improve the economy worldwide, but and the global opinion has been varied since cryptocurrency was born almost 10 years ago.

Though there are many countries working on regulatory measures to integrate it into some countries, there are others who fear that it will pull from, and potentially destroy, their economy.

Iran has been incredibly public about their ban against cryptocurrency, and they haven’t been alone. China is one of the biggest nations for technological development, and they have put down a widespread ban against anything remotely resembling cryptocurrency and ICO projects. However, there are now signs that this ban could soon come to an end.

Nasser Hakimi, the deputy for innovative technologies at the country’s Central Bank, released a statement that indicated that the current crypto ban is under review. Furthermore, they implied that the regulatory system for these types of currency would see the final changes by the end of next month. If that’s the case, locals may soon have access to cryptocurrency, but there’s no time to celebrate just yet.

Hakimi’s statement took place while he was at a conference in Tehran on August 26th. In his discussion about the decisions of the administration, he said,

“The first concerns, the prevalent global cryptocurrencies. The High Council of Anti-Money Laundering has imposed a ban in light of concerns over global allegations of money laundering and financing of terrorism. But it seems that after the government’s consideration, this blanket ban will be reviewed.”

Along with his comments on the reconsideration, he talked about the current opinion of the idea of state-issued crypto. He started on a someone negative note, but ended up saying,

“National virtual currencies haven’t proved successful experiences in the world, but some economic officials have emphasized on this, so the Informatics Services Corporation has readied a test edition and some other entities are also cooperating in this.”

The ban was announced to the public on April 22nd this year, going into effect that day. However, the concern at the time was the potential of money laundering and how terrorism was being funded. Some experts believe that this bad will end when the regulatory apparatus on the topic is complete. Right now, these new policies are being setup with the guidance of Iranian President Hassan Rouhani.

An Iranian banking organization called the Informatics Service Corporations showed that Iran has been working on a cryptocurrency for their economy that would integrate into the current financial sector. Even though other countries have notably brought in existing cryptocurrencies, this digital asset would be born directly out of Iran itself, with no need for a third-party fintech startup.

However, the main hurdle they still have to complete is the use of a centralized blockchain for both banks and crypto companies in the country.

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