Reading Time
~ 2 minutes
Spread the Word
Iran
Advertisement
Invest at your own risk

Iran has been struggling with economic issues for quite some time now, and the country’s government has banned cryptocurrencies earlier this year in April.

As time went on, Iran started to slowly reconsider its decision, partly because of the previously mentioned economic struggles, partly because of various new US sanctions. Better yet, all evidence hints at a possible end of the ban on cryptocurrencies somewhere in September.

According to an article by a local news outlet, Financial Tribune and Eghtesad, the Central Bank of Iran’s chief of innovative technologies, Nasser Hakimi, said that regulatory attention would now shift to public crypto assets.

“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,” he declared at a conference.

Iran is also considering creating its cryptocurrency, a plan that Hakimi says requires a fair bit of support from the authorities.

Iran may drop the crypto ban in September

“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,” he observed.

According to the news outlet, the government aims to review the trade block in September, as it acknowledges the increasing popularity of cryptocurrency. Interestingly, most of Iran’s cryptocurrency exchanges have managed to operate up until now despite the ban.

“This is beyond the boundaries of the financial sector and is considered an industrial issue, so we can look at it as the crypto mining industry,” Hakimi hinted at the possible outcome of the discussions that are about to take place in September.

Read more articles related to this subject:
Notice: The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.