After receiving several sanctions from the United States in 2018, which made life quite difficult in the country, Iran is currently on its way to becoming one of the first crypto-friendly nations in the Middle East.
A new set of regulations which are being considered pro-crypto by the local investors was started to be determined after the government of the country has understood that they would really need cryptos in order to make their economy stay afloat.
Now, the Central Bank, which has emitted more restrictive laws for crypto before, was led to take another look at the crypto space, this time with a more favorable outlook. The series of new announcements are set to regulate the crypto market in the country and make it legal. The authorities have already called experts in order to draft legislation that can benefit the government and the private sector as well.
The Iran Blockchain Community, which has been in charge of promoting cryptos and the blockchain in the country since 2017, has expressed optimism about the changes.
According to reports from local media outlets, the president of the IBC, Sepehr Mohammadi, has affirmed that the community believes that adopting cryptocurrencies and deciding to not be against the blockchain industry will be a very important step in order to bring some foreign investment to the country.
He has also noted that the blockchain is a very powerful tool because it will enable the country to overcome the sanctions, as the system is completely decentralized and obstacles imposed by powerful players like the U. S. will not be so big anymore.
Iran’s Official Crypto
Iran has decided to follow Venezuela’s Petro and to launch its own token. However, they definitely intend it to be more successful than the Petro, which is far from being considered a success, was. The decision was mostly taken after SWIFT decided to drop Iranian banks, which would cut international money from getting in the country.
The Iranian community, which feels oppressed by unfair sanctions, was happy to hear about the stablecoin that the country is devising. However, it received some international criticism, obviously, as the country is standing up against the most powerful economy in the world.
Beyond this new token, the central government of Iran is already interested in launching a stablecoin which will be backed by gold and can be used in international transactions. This idea is in a more advanced stage than the fiat-backed crypto, which is only proof of concept so far.
Sanctions Against Iran
The event that made Iran look more favorably to cryptos happened on May 8, 2018. The president of the United States, Donald Trump, announced that the country would withdraw from the nuclear deal with Iran. After that, sanctions were used against the country.
These sanctions have made some countries unhappy, like some from the European Union, which traded with Iran. They are considered to be the main catalyst for the government’s new stance on cryptos.