[2019-01-29] Iran's central bank issues draft rules on cryptocurrency

[gentlemand]

https://www.aljazeera.com/news/2019/01/iran-central-bank-issues-draft-rules-cryptocurrency-190129051653656.html

Some evolution in Iran's stance with quite a few doors opening that were previously closed. Crypto payments inside Iran are still barred and locals still can't hold more than 10,000 Euros' worth.

And it looks like they're planning their own Petro as part of a potential middle finger to SWIFT.

According to that https://www.tehrantimes.com/news/432400/Talks-with-8-countries-over-using-cryptocurrency-in-monetary  they're negotiating with foreign 'representatives' which probably means asshole  crypto bros rather than prime ministers.

[magneto]

https://www.aljazeera.com/news/2019/01/iran-central-bank-issues-draft-rules-cryptocurrency-190129051653656.html

Some evolution in Iran's stance with quite a few doors opening that were previously closed. Crypto payments inside Iran are still barred and locals still can't hold more than 10,000 Euros' worth.

And it looks like they're planning their own Petro as part of a potential middle finger to SWIFT.

According to that https://www.tehrantimes.com/news/432400/Talks-with-8-countries-over-using-cryptocurrency-in-monetary  they're negotiating with foreign 'representatives' which probably means asshole  crypto bros rather than prime ministers.

I'm still wondering why they think that it's banning people from holding a certain limit of bitcoin is something that is enforceable at all. It is next to impossible for them to check each person that they come across for their exact bitcoin holdings.

But at the moment, it seems like that at least the ban has been lifted. What they are essentially saying is most likely treating bitcoin like any other foreign currency, with similar capital controls placed upon transactions involving them.

And with their "sovereign rial backed cryptocurrency" which was mentioned in the article, it does sound a lot like what Venezuela has done. Though we see how the Petro was basically nothing but a money making scheme for the Venezuelan government. This will likely be something similar, if they are going to conduct an initial public offering of some sort.

[squatter]

And it looks like they're planning their own Petro as part of a potential middle finger to SWIFT.

I know the EU was calling for talks with Iran, China and Russia about establishing an alternative to SWIFT. I can't imagine how a token backed by the Iranian state would help, though.

I'm still wondering why they think that it's banning people from holding a certain limit of bitcoin is something that is enforceable at all. It is next to impossible for them to check each person that they come across for their exact bitcoin holdings.

But at the moment, it seems like that at least the ban has been lifted. What they are essentially saying is most likely treating bitcoin like any other foreign currency, with similar capital controls placed upon transactions involving them.

They probably don't think it's enforceable. They're just trying to deter people from selling their rial for bitcoins, euros, or anything else. Like you said, they're just planning to treat Bitcoin like other foreign currencies.

[Harlot]

Its still one step ahead compared to India, they are going the same route as it's Asian neighbors which is Malaysia and Indonesia. The good news about this one is once they open up cryptocurrencies in their country it will be easier for them to adjust in the future when they see that they are missing a big opportunity for such a strict regulation. If they think the other way they will see that what they are doing won't attract crypto-companies to set up locally in their country.

[romero121]

That's a good news. Venezuela took the initiation, and following Iran opening doors for Cryptocurrency will attract more investors into the country. Because lot of countries were aware about the evolution of cryptocurrency as well teams were created to analyze the need for it. Very few enter into it and execute the implementation process. Now these countries will get more crypto firms starting their offices located as the legality supports them. Right now people move towards Canada, Singapore and so on.

[gentlemand]

That's a good news. Venezuela took the initiation, and following Iran opening doors for Cryptocurrency will attract more investors into the country.

As far as I can tell there is nothing to show that the Petro actually exists or is being used by anyone. There seem to be a few IOUs flying around and that's it.

Iran at least has more will and less chaos so might come up with something. Whether it'll help them is another matter.

[LeGaulois]

That's a good news. Venezuela took the initiation, and following Iran opening doors for Cryptocurrency will attract more investors into the country. Because lot of countries were aware about the evolution of cryptocurrency as well teams were created to analyze the need for it. Very few enter into it and execute the implementation process. Now these countries will get more crypto firms starting their offices located as the legality supports them. Right now people move towards Canada, Singapore and so on.

It's not going to bring new investors to the country. Nobobody and especially no company is interested to be established in this country so as not to create controversy and tarnish the reputation. If the locals can't hold over $10k, be sure someone outside will be able to hold a lot less.
The politic is this country isn't one about to give some freedom to the citizen.

[Slow death]

I do not know if this is good for the people of Irao, since their freedom is still very limited because of the decisions of their government. This makes it unacceptable that a small group of people who make up the government is harming the lives of many people. A country where its people suffer from human rights violations, punishments and disrespect. It does not create a good business environment. I look at this news as something that will not make much difference to the crypto world.

[deisik]

That's a good news. Venezuela took the initiation, and following Iran opening doors for Cryptocurrency will attract more investors into the country. Because lot of countries were aware about the evolution of cryptocurrency as well teams were created to analyze the need for it. Very few enter into it and execute the implementation process. Now these countries will get more crypto firms starting their offices located as the legality supports them. Right now people move towards Canada, Singapore and so on.

It's not going to bring new investors to the country. Nobobody and especially no company is interested to be established in this country so as not to create controversy and tarnish the reputation. If the locals can't hold over $10k, be sure someone outside will be able to hold a lot less.
The politic is this country isn't one about to give some freedom to the citizen

That has nothing to do with politics

Which seems to be your major point here. Actually, quite a few European companies are interested in conducting business with Iran and establishing their strong presence there:

France, Britain and Germany, defying threats from Washington, are this week executing their plans to set up a special-payments company to secure some trade with Iran and blunt the impact of U.S. sanctions

China has been deepening its footprint in this country year after year despite any sanctions that Uncle Sam imposed on ayatollahs. All in all, it looks like you should be less biased and more aware of the real situation there. But I'm still curious where you are from

[LeGaulois]

See my point

...Certainly, the Iranian economy will experience strong growth, infrastructure needs are high. But so are the legal and "reputational" risks for the investor in Iran...

...European and, in particular, French companies would be exposed to significant legal and reputational risk from Asian and US actors if they do not exercise their human rights due diligence responsibility before any commercial relationship in Iran....