Since the US-led sanctions imposed on Iran took hold, the discussions on lifting the current blanket cryptocurrency ban across the nation are looking to come to fruition. News is coming out of Iran that the Iranian government could be ready to lift the ban in September to pave the way for the implementation of digital currencies.
The move comes in the wake of the sanctions that have limited the cash flow and international cash transactions of Iranians, and they are planning to make a stand by repealing the cryptocurrency ban so they can utilize the latest crypto solutions to alleviate their ongoing problems.
Reviewing the blanket cryptocurrency ban in Iran
Nasser Hakimi, the deputy for innovative technologies at the Central Bank of Iran, spoke at a crypto conference in Tehran on Sunday, reported by the Iranian news outlet, Eghtesad Online. He said that the nation’s financial regulators would be taking another look at the cryptocurrency ban in September that was originally imposed on the nation on 22 April.
While speaking at the conference, Hakimi made some very positive statements regarding the supposed lift on the blanket cryptocurrency ban by saying that “The first concerns are the prevalent global cryptocurrencies. The High Council of Anti-Money Laundering has imposed a ban in light of concerns over global allegations of money laundering and financing of terrorism. But it seems that after the government’s consideration, this blanket ban will be reviewed.”
The original ban back in April was intended to address concerns regarding the potential of cryptocurrencies being used in money laundering enterprises and to fund terrorism, which first sparked the ban. This latest round of reviews in September will hopefully correct this decision and allow Iranians to create their own digital currency to help counterbalance the current sanctions that have heavily impacted Iran’s economy.
New cryptocurrency regulations imminent
One of the main reasons why Iran is open to looking at the possibility of lifting the cryptocurrency ban is so the government can give the go-ahead to a central bank digital currency (CBDC), in the face of US-led sanctions that have limited the Iranians’ options to make international money transfers.
It has been rumored that new cryptocurrency regulations, developed under the guidance of President Hassan Rouhani, could be implemented in September so that a new state-issued CBDC can be created. “National virtual currencies haven’t proved successful experiences in the world, but some economic officials have emphasized on this, so the Informatics Services Corporation has readied a test edition and some other entities are also cooperating in this,” said Hakimi.
An official representative of Iran’s Supreme Cyberspace Council, Saeed Mahdiyoun, also chipped in on the subject by saying that the nation’s leading cyberspace authority is also exploring the idea of a nationwide crypto to help the Iranian economy at this difficult time.
The adoption of central bank digital currencies is sometimes frowned upon by crypto fanatics, but in the case of Iran, the lifting of the current blanket cryptocurrency ban to create a state-issued CBDC is an idea that can help the nation get back on its feet and to fight the sanctions using crypto.
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