Cryptocurrency Regulation Talks in Iran Appear to Be Picking Up Steam

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In Brief
  • Iranian lawmakers are pressing the central bank to “take Bitcoin seriously.”

  • Iran’s lawmakers have given increasingly more attention to the asset class in recent months.

  • Many major nations are exploring cryptocurrency-related rules and regulations.

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Iranian lawmaker, Mohammad Hossein Farhangi, a member of the Industries and Mines Committee, has said in a parliament session that it was the central bank’s responsibility to look into cryptocurrencies and urged them to seriously examine the asset class.

Iranian lawmakers seem to be looking further into cryptocurrency regulation, as new reports from local media outlets indicate that lawmakers are urging fellow representatives to consider Bitcoin’s potential.

Tabriz representative, Mohammad Hossein Farhangi, spoke before the Iranian parliament on Tuesday and told Iran’s Central Bank Governor Abdolnaser Hemmati to “take the issue of bitcoin seriously,” adding that “it can be a good opportunity for the country, otherwise it will become a matter for financial and credit institutions.”

Farhangi further said that digital currencies fell under the purview of the central bank, not the Industries and Mine Committee, of which he is a member.

This isn’t the first time Iran has flirted with the cryptocurrency industry. President Hassan Rouhani told the country’s lawmakers to form a national strategy for the cryptocurrency mining industry, which they legalized in August 2019.

The calls for a closer examination are in line with what lawmakers in other countries are doing. Elected representatives in the United States, China, and several European nations have made a push into reviewing blockchain technology and cryptocurrencies, especially with the onset of stablecoins and Facebook’s Libra.

The latter in particular has lawmakers concerned, in part leading to a noticeable rise in efforts on the part of central banks to build Central Bank Digital Currencies (CBDCs).

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Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Ever since, he's been an active member of the community. He has a Masters degree in Finance. <a href="">Email me!</a>

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