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The growing popularity of cryptocurrencies has led to the fact that rules for regulating cryptocurrencies have been developed in Iran. They were developed by the National Cyberspace Center of Iran (NCC). And what about Iran cryptocurrency news?
The commissions that are part of the National Center studied the economic problems of the introduction of cryptocurrencies, as well as the problems of their security. The Center proposed five scenarios for regulating electronic currencies in Iran.
The first attempts for Iran crypto regulations were made back in 2013. However, the situation has not changed since that time. The Bitcoin mining in Iran and the exchange of cryptocurrencies are considered illegal, but the police have no legal grounds for Iran to ban crypto mine.
Nevertheless, there are websites operating in the country that has received a license from the E-Commerce Development Center for trading cyber currencies. The initiator of regulating the turnover of cryptocurrencies was the National Center for Cyberspace of Iran (NCC), but experts believe that the Central Bank of Iran (CBI) should participate in the creation of a regulatory framework.
Crypto Legislation
In Iran, cryptocurrency mining is a legal activity, unlike trading digital coins. Iranian miners are allowed to participate in projects for the construction and operation of new power plants. Miners can sell the excess energy produced at the stations.
According to the bill, crypto mining is controlled. The department is responsible for issuing licenses necessary for the creation and launch of new farms for mining cryptocurrencies.
Let's Do Some Cryptocurrency Trading?
The lack of rules hindered the development of the Iranian crypto industry. The leadership of the Mejlis called on financial regulators to approach this issue carefully. The Minister of Economy and Finance of the country said that the government cannot interfere in the development of crypto technologies for too long. What will happen to the Iran crypto regulations?
At the moment, the republic accounts for 4.5% of the world's Bitcoin production. Washington imposed sanctions against Iranian financial institutions and an almost complete economic embargo after the Islamic Revolution. Oil exports fell by 70%, which led to unemployment and outbreaks of civil unrest. To circumvent the sanctions, began Bitcoin mining in Iran.
In 2019, the government created a licensing system and began to encourage national mining. Now banks can buy imported goods for BTC, foreign cryptocurrency was banned, local residents were able to sell Bitcoin to the central bank. Mining has become so popular that crypto farms were even made in mosques since electricity is free there.
Iran Crypto: Legalization Of Bitcoin
El Salvador has introduced a fashion for the adoption of cryptocurrencies. The President of the Islamic Republic also suggests legalizing cryptocurrency as soon as possible. Now we can see legalization of cryptocurrencies in Iran.
So far, Iran does not have the necessary regulatory framework for the adoption of cryptocurrencies, but if we analyze the direction in which the country has developed, we will come to the conclusion that sooner or later the possession of Bitcoin in Iran will become the prerogative of the state.
Iran has adopted laws that testified to this: the approval of BTC as a means of payment for import-export in a country under economic sanctions, as well as the fight against illegal mining and a complete ban on unregistered activities of this kind.
Iranian lawmakers insist that the central bank should take Bitcoin and cryptocurrencies seriously as an asset class.
Negotiations on the regulation of cryptocurrency in Iran are gaining momentum. Iran's lawmakers appear to be exploring cryptocurrency regulation even more, as new local media reports indicate that lawmakers are urging fellow representatives to consider the potential.
The calls for more thorough consideration are in line with what lawmakers in other countries are doing. The United States, China, and a number of European countries have made an attempt to revise the technologies of blockchains and cryptocurrencies.
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The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.
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