Iran Makes U-Turn on Cryptocurrencies: We Want to Regulate Instead of Prohibit - Coin Bulletin

While the Iranian government aims to reduce the negative effects of cryptocurrencies, it plans to develop regulations for cryptocurrencies to ease the US sanctions.

Iran’s Minister of Economy and Finance, Abdolnaser Hemmati, stated that the government aims to integrate cryptocurrencies into the economy by introducing more regulations instead of completely banning them. Hemmati made this statement during a national event, which was reported by Iran’s state news agency, Nour News.

The Minister stated that the government aims to eliminate the negative effects of cryptocurrencies on the economy and benefit from their positive aspects. Hemmati emphasized that cryptocurrencies fall within the jurisdiction of the Central Bank of Iran, and expressed hope for their use to increase youth employment, alleviate US sanctions, and make the country more compatible with the global economy.

On the same day, the Central Bank of Iran issued a document summarizing its new policies regarding cryptocurrencies. According to Nour News, these policies aim to support cryptocurrency traders in complying with local tax and anti-money laundering laws.

According to economist Mohammad Sadegh Alhosseini’s evaluation, it is estimated that Iranian investors have a total of between 30 to 50 billion dollars worth of crypto assets. Alhosseini emphasized the importance of crypto assets in the Iranian economy, stating that this amount is equivalent to approximately one-third of the country’s gold market.

These remarks came at a time when expectations were rising that Donald Trump, re-elected in the US, would create a crypto-friendly regulatory environment. It is reported that Trump appointed Paul Atkins, who supports cryptocurrencies, as the chairman of the Securities and Exchange Commission in the upcoming period.