A win-win situation for Iran and cryptocurrency?
An array of statements were made by officials from Iran over a couple of weeks regarding the cryptocurrency usage and its regulations. The statements were made by the Central Bank of Iran [CBI], the Chairman of the Economic commision, and the minister of Information and Communications Technology [ICT].
On the 23rd April, the local news reported that the CBI had declared a ban on banks against dealing in cryptocurrency.
On the other hand, Mohammad Azari, Iran’s ICT minister confirmed development and experimentation of a localized cryptocurrency. However, Pourebrahimi, the Chairman of the Economic Commission of Iran disapproves of it.
He also said that more than $2.5 billion has been sent out by Iranians in order to purchase cryptocurrencies. According to a local news agency, the Chairman had made a public announcement last month regarding the cryptocurrency support for its public. $30 billion has been invested in order to provide the access for more citizens in the international payment system.
Mohammad Azari, the ICT minister told the public that the cryptocurrency model for the country is completed. This news had shocked the world because as per the country’s prior statements, the CBI had banned the trading of cryptocurrency via localized banks. One of the reasons for the ban is also due to the drop in Rial prices against the USD dollar.
There have been multiple statements by different regulatory and parliamentary departments in Iran. According to the CBI, the reason for the ban was to demote money laundering, terrorist attacks, and identity theft. Whereas the economic committee is positive on cryptocurrency and its international worth.
However, Pourebrahimi claims that there is no virtual national currency that has been designed in the country at present. Even after sluggish remarks on cryptocurrency, he believes that cryptocurrency can benefit the country’s financial ecosystem.
Mohammad Pourebrahimi says:
“Based on the existing data, few people in Iran are cryptocurrency users and more than 2.5 billion dollars has been sent out of the country for buying digital currencies.”
RanchorDas, a Twitterati says:
“What is up with these people. Why can’t they decide on one thing? Either Ban or promote. This is such a double standard- banning other digital assets while making their own. But there is no commitment or coordination between the leaders.”
A Redditor says:
“MuhammadCoin to rival JesusCoin for years to come”