Iran Blockchain Association Wants to Help Regulate Cryptocurrencies in the Country
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Nov. 4, 2021

The Iran Blockchain Association (IBA) believes the country's government is not taking enough steps to regulate the cryptocurrency sector.

Thus, Abbas Ashtiani, the association's leader, has offered his help to the regulators, whom he considers incapable of carrying out such a complicated task.

To help regulate the sector in Iran, the IBA has called for the creation of an "independent council" to take responsibility, Financial Tribune has reported.

Ashtiani said in a meeting held on Tuesday:

"We need a special council of representatives from state bodies and private enterprise to craft regulations for cryptocurrencies. The CBI or the Security and Exchange Organization are not qualified [enough] to set rules for cryptos given the multidimensionality of the issue."

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Even though Bitcoin mining is allowed in the country, cryptos cannot be used as a means of payment. However, banks and licensed money changers can use digital currencies generated by licensed miners in Iran to pay for imports.

Ashtiani has said the Iran Blockchain Association understands lawmakers and assures them their concerns will be addressed:

"We are ready to help set rules that can help ensure a positive impact of cryptos on the economy while minimizing criminality."

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