Iran Recognizes Mining, Thinks About National Crypto Amid US Sanctions

Iran Recognizes Mining, Thinks About National Crypto Amid US Sanctions

Iran has approved the production of cyber-assets is an industry. The position of the country’s government has been expressed by the state’s Secretary of Supreme Council of Cyberspace Abolhassan Firouzabadi.

In the meantime, the media reported that the Iranian official also named the implementation of a national digital coin a «promising» issue.

Iran to Become Crypto-Oriented?

The Iranian local media IBENA informs that National Cyberspace Center is "in charge" of digital money in the state while the central bank’s domain is the foreign exchange zone and decision making in the financial issues. Together, as per the report, they are expected to create the blueprint and establish the policies for crypto-startups and related actors. 

The central bank and the specialized cyber-center of Iran might come up with regulations proposals by September 22, but the good news is that the country’s gov’t is already looking at cryptos positively. For instance, Firouzabadi noted that the setoff of a national virtual coin might be the best transition means with the country’s trade associates. 

At the moment, Iran is facing the economic restrictions forced by the U.S. administration, so cryptos might be another way to avoid them. The similar situation took place in Venezuela, which has been suffering for long from the economic crisis and which leadership drew the U.S. into activating the sanctions. The country’s gov’t also started running a national crypto Petro, backed up by oil reserves.

So far it has not been unveiled what Iran’s intentions regarding national cryptos are, but the Secretary underscored the Iranian gov’t has already recognized that the mining is the industry and several state entities like the Central Bank, Ministry of Industry, Ministry of Economic Affairs and Finance have expressed their compliance with the position.