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Central Bank Of Iran To Consider Rules On Cryptocurrency

18:04 30/01/2019
Iranian Authorities Publish Draft Rules On Crypto Sphere

The Central Bank of Iran took a wait-and-see attitude towards the crypto sphere and, before a new regulatory document is adopted, intends to listen to experts and also consider proposals from interested parties, Cointelegraph reports referring to the official statement of the country's financial department.

 

Together with the statement, the central bank published on its website a regulatory project related to the crypto sphere. The topic is considered relevant in the country and will be discussed at the conference in Tehran devoted to banking and payment systems.

 

During the two-day event in the capital, experts and technical specialists will have the opportunity to make their proposals regarding the published rules of the central bank, Abdolnaser Hemmati, the head of the financial regulator, stated.

 

According to the local publication Al Jazeera, the Iranian lawmakers are skeptical about the crypto industry and will seek to take restrictive measures related to digital assets. In particular, crypto payments and the storage of significant amounts of cryptocurrency can be banned.

 

The consequences of such restrictions may affect the economy since organizations within the country will be forced to stop any international financial transactions that cannot be performed in Iranian rials.

 

Besides, during the Tehran conference, the Iranian authorities may officially present the national cryptocurrency pegged to the rial, the purpose of which will be to bypass economic sanctions imposed by the US and avoid dependence on SWIFT.

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