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Iran Reportedly Attempting Cryptocurrency Legalization

As per news reports, Iran is undergoing plans to completely legalize digital currencies and the nation’s Parliament has reportedly created a new group dedicated to crypto. Earlier in 2018, Iran had fully barred cryptocurrencies and began cracking down and pressuring local cryptocurrency exchanges.


No Final Decisions

Abolhassan Firouzabadi, leading High Council of Cyberspace member, stated that no official decision has been made just yet regarding legalization although a new group, part of the Majlis Social Commission is reviewing the matter and attempting to launch online digital exchanges for cryptocurrencies, mining them and the currencies deemed legal.

The council member was also part of a meeting organized by President Rouhani to tackle several topics including the effect of cryptocurrency on the national economy as well as their positions within. Another topic was briefly mentioned surrounding a domestic and oil-supported digital currency resembling the Petro in Venezuela. Digital currencies overall were discussed, with an expected focus on BTC and ETH.

Sanctions

Due to upcoming sanctions by the US to be placed in August, it comes as no surprise that the Iranian government is studying crypto and its possible benefits on a deeper scale. Due to their decentralized nature and no one government or authority can control them, cryptocurrencies provide an efficient alternative and may aid Iran in handling the sanctions placed against it.

This, however, does not mean that every topic and detail has been tackled. No official confirmation on cryptocurrency mining has been made for example. As far as it goes at this stage, cryptocurrencies will only reveal their effect on Iran in due time.

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