The head of the Iranian Securities and Exchange Organization (SEO), has made some interesting comments this week welcoming greater cryptocurrency adoption for the Iranian stock exchange in a bid to offer economic alternatives in the face of sanctions.
As the need for crypto sweeps across Iran, it seems that the local authorities are looking for help and the relevant experience needed for cryptocurrency adoption in their plans moving forward.
Cryptocurrency adoption in Iran imminent
Over the past few weeks, cryptocurrency adoption in Iran seems to be coming to fruition in an aim to dodge U.S.-led sanctions. The head of the Iranian Securities and Exchange Organization (SEO), Shapour Mohammadi, told the IRNA news outlet on Saturday that infrastructure is desperately needed to enable the trading of crypto on the nation’s stock exchange, as reported in a story from the Tehran Times.
Mohammadi told the IRNA that cryptocurrency adoption would be a subject usually related to the Central Bank of Iran (CBI), but the SEO is ready and willing to listen to any advice or to collaborate with companies and bodies to speed up the process of cryptocurrency adoption in Iran.
He mentioned that although the stock markets are already accepting new financial instruments, it is important that a pro-active approach is taken by other organizations at this critical time for the nation. It seems the adoption of crypto in Iran is imminent.
Iranian crypto to circumnavigate sanctions
The main reason why cryptocurrency adoption in Iran is rapidly taking hold is to defend itself against US-led sanctions that are currently strangling the nation, which has resulted in seeking alternative solutions to avert a domestic economic crisis.
At Crypto Disrupt, we reported in July how cryptocurrency adoption in Iran was reaching fever pitch with a government-backed crypto that is currently being prepared. The calls from Mohammadi to improve infrastructure to pave the way for the Iranian crypto make complete sense at this time.
We reported back in July from news stories from the Iranian outlet, Press TV, that the government was already laying the groundwork for a state-backed crypto to give Iranians options to dodge the implications of the sanctions. The news was that the central bank was working together with domestic-based companies to develop a new digital currency that could take the sting out of the sanctions.
The Iranian government has been very welcoming of cryptocurrency adoption in some quarters for some time now, with reports at the end of 2017 that the nation was looking to implement bitcoin solutions as rumors regarding the banning of international payments first arose.
However, in February 2018, the central bank made a statement that expressed views that were less than favorable towards crypto and that it planned to crack down on companies offering crypto services. This has all changed as Iran now calls for greater collaboration in efforts to enable crypto trading across the nation.
Although Iran has shown mixed emotions towards cryptocurrency adoption in the past, it seems the nation is now galvanizing its efforts and hoping to bring together not only ideas but also expertise to move Iran into a brave new crypto world.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.