[2017-11-25] Iran Welcomes Cryptocurrencies

[entrepmind23]

Iran’s High Council of Cyberspace, one of the main entities deciding the fate of virtual currencies in Iran, has welcomed the idea of Bitcoin and other cryptocurrencies if they are harnessed by clearly-stated regulations.

“We [at the HCC] welcome Bitcoin, but we must have regulations for Bitcoin and any other digital currency. Studies are necessary for considering a new currency,” Abolhassan Firouzabadi, HCC secretary, told ILNA.

He said HCC and the Central Bank of Iran are currently studying virtual currencies, as they have captured the attention of the world.

However, he points out that even though the CBI has yet to devise definitive regulations for Bitcoin and similar currencies, “many in Iran are dealing with Bitcoin, be it purchasing, selling or mining it, and even dealing with it in exchange shops, creating content and establishing startups”.

CBI has envisioned six documents on fintechs and cryptocurrencies that will be unveiled by the end of the next fiscal year in March 2019. Two of them, dealing with payment initiators and payment facilitators, have already been published with a third covering micropayments and related technologies in fintech to be announced in the next few weeks.

The fifth document exclusively deals with cryptocurrencies and will be unveiled by the time the sixth month of the next fiscal year comes to an end in September 2018.

As CBI has announced, it will be a regulatory framework instead of clear-cut regulations.

Firouzabadi said Iran’s central bank, like that of many other nations, has not come to a stable and defined stance on Bitcoin, noting that many countries look at it as a potentially dangerous option in light of its violent price fluctuations and investment risk.

Less than two weeks ago, the head of CBI’s Innovative Technologies Department, Nasser Hakimi, asked investors and the public to refrain from dealing with virtual currencies without proper knowledge and to remain cautious.

“Mechanisms of control and supervision over the supply of cryptocurrencies are being implemented through the collaboration of the central bank and related entities, but the people must be aware of their risks and dangers on the demand side,” he added.

Read more here: https://financialtribune.com/articles/economy-business-and-markets/76776/iran-welcomes-cryptocurrencies

[Kemarit]

At least Iran is not closing there doors and acknowledge that bitcoin has already attracted their citizens. I believed they are doing fairly in trading although we haven't heard much news from them. They also gave a fair warning to its citizens regarding the used and be somewhat reluctant because we all know that bitcoin is irreversible. Middle East is slowly creeping and becoming more involved in crypto and its just a matter of time that after Asia and North America, I'm betting that Middle East would be very much involved everything that is crypto, whether in trading, investing or being a hub. Let's see how its goes though. We all know that Iran is a authoritarian regime and most of them want's total control of everything.

[Lancusters]

Iran is under sanctions. Bitcoin can help to circumvent them. It seems to me that it would be silly to refuse such a chance. Even such a totalitarian state can benefit from bitcoin. Perhaps soon we will see Iran's attempts to sell oil for bitcoins. It will be very interesting. I am sure that in this case, the price of bitcoin skyrocket.

[Taki]

Iran is under sanctions. Bitcoin can help to circumvent them. It seems to me that it would be silly to refuse such a chance. Even such a totalitarian state can benefit from bitcoin. Perhaps soon we will see Iran's attempts to sell oil for bitcoins. It will be very interesting. I am sure that in this case, the price of bitcoin skyrocket.

It really can be interesting. I suppose Iran's heads know that in the future due to huge demand bitcoin will cost very high and they decided to give it's citizens an opportunity to earn on this. Bitcoin can rise the economy of every concrete country, unfortunately not everyone understand that

[1Referee]

I actually expected them to do the exact opposite, so I am pleasantly surprised here. It shows that we can't just assume that the common attitude of the countries in that district is spread all over, and think it will automatically mean that there is no place for Bitcoin and crypto in general. It will however still take quite a reasonable amount of time before Iran actually puts things into practice according to the article, but at least it gives us something bullish to hold on to. Iran with almost 81 million citizens is quite capable of contributing towards more overall growth, which we can only be grateful for.

[MoonJeina]

In the past , I haven't witnessed a lot of participation of Iran in block-chain . It surprised me as Iran is one of the biggest economy .
Here again , just like other governments Iran is trying to accept bitcoin by regulating it . At one side , there is a sense of relieve that bitcoin is at-least being considered but on the other side the fear of bitcoin loosing its "originality" is not letting me blink an eye.

However, he points out that even though the CBI has yet to devise definitive regulations for Bitcoin and similar currencies, “many in Iran are dealing with Bitcoin, be it purchasing, selling or mining it, and even dealing with it in exchange shops, creating content and establishing startups”.

I Don't understand if they are so aware of its use then why regulate it on the first place . Anyways , I hope the decision is final and they accept bitcoin and more and more  regional tech companies start investing in bitcoin .

[coolcoinz]

With Iran the situation is always unclear. They used to be very open to technology and changes before the revolution. I'm sure those people are still there, just forced take a more reserved stance. They could really benefit from accepting cryptocurrencies.