Digital Currency Regulations Coming Soon to Iran
After years with little to say about bitcoin, the Iranian government is reportedly only a few months away from passing the proposed regulations for digital coins.
The National Cyberspace Center in Iran (NCC) has drafted a proposal to regulate digital currencies, according to The Financial Tribune, the country’s first English-language newspaper on economics. It is expected to be approved by the Superior Council of Cyberspace in the next four months.“The widening use of digital currency, specifically bitcoin, in recent years has prompted officials to implement regulatory measures,” the publication wrote.
Two different commissions have been reviewing different aspects of digital currencies; One on economic impact and one on safety issues. “The two commissions will hold a meeting in the next two months to finalize the proposal,” said NCC deputy for regulation, Saeid Mahdavioon, adding that:
“We had come up with five scenarios for regulating digital currencies in Iran … NCC’s Commission for Regulations has favored a scenario that focuses on taking a lawful approach to make the best use of digital currencies.”
The Iranian government began working on the regulatory framework for digital coins in 2013 when the NCC issued a report proposing that bitcoin should be regulated soon.
Although the NCC is a leader in the regulation of digital currencies in Iran, some believe that the Central Bank of Iran (CBI) should also be involved. “Bitcoin activities include money creation, so the Central Bank of Iran needs to set the ground rules and supervise related activities, otherwise this would disrupt the economic cycle,” said Faramarz Khaleqi, CEO of Bank Melli Iran .
The central bank sees digital currencies as raw materials and puts the Securities and Exchange Organization in charge, according to Mahdavioon’s interview with the Mehr News Agency.
So far, the IWC “has made no official comments about bitcoin,” said Nima Amir Shekari, head of the electronic banking group at the Monetary and Banking Institute in December. The bank has adopted a “wait-and-see” policy toward digital currencies, he added.
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