President Rouhani comments on cryptocurrency regulation

According to an interview with Azari Jahromi (minister of communications and information technology of Iran), president Rouhani has commented on cryptocurrency regulation during the cabinet official meeting.

Although Central Bank of Iran (CBI) has formerly banned cryptocurrency trading, Iran’s ICT minister has been insisting on the benefits of blockchain technology and its pottentials to revolutionize diverse aspects in the country.

Also read: Iran’s Central Bank officially bans the use of Cryptocurrencies

 Blockchain.info website banned!

As a result, Iran’s Post Bank invited young talents and cryptocurrency experts in-order to initiate the national cryptocurrency project.

Also read: Beta Version of National Virtual Currency is Ready, ICT minister says

Yesterday and during president’s cabinet official meeting, Dr. Rouhani has ordered ICT and Post bank to investigate the policies towards cryptocurrency utility.

During the social affairs and electronic government cabinet’s meeting on July 22, 2018, cryptocurrency mining was recognized as an industry. The potential roles of blockchain in payment systems we’re also investigated.

Also read: Iran recognizes mining as an industry: Breakthrough after massive bans        

However, it is obvious that there are other regulatory sections such as Iran’s “parliament” and “national cyber committee” that are potentially relevant to legislation of blockchain and cryptocurrencies.

Overall, further steps are required for regulation of blockchain technology and cryptocurrencies in Iran.