Iranian lawmakers expressed concern over Tehran’s restrictive policies towards innovative ideas such as cryptocurrencies. Lawmakers called for regulations to be made that Tehran should take a more “friendly” approach to innovative ideas like the crypto industry.
Some lawmakers in Iran have started working to break the government’s tough stance on cryptocurrencies. According to Iranian lawmakers, cryptocurrencies can be one of the important solutions against the sanctions on the country and against the troubled economy. “Taking a restrictive approach only pushes innovative solutions underground,” Gholamreza Marhaba, spokesperson for the House Economics Committee, told the media.
Evaluating the results of the investigations carried out by the commission, the deputy said: “Our studies show that 50% of crypto activity is on the informal market. “We think these digital currencies can help the economy if there are supportive regulations.”
According to current regulations in Iran, it is forbidden to mine cryptocurrencies, except for organizations approved by the Ministry of Industry, Mining and Trade. The Iranian government is a country that has recognized cryptocurrency mining since 2019, but the trading of crypto assets within the country is not accepted by the government and intervenes very harshly. The use of cryptocurrencies in imports is also controlled by the government.
Cryptocurrencies Can Boost Iran’s Economy!
According to the research, crypto activities not only strengthen the country’s economy financially, but also can even solve some of the problems experienced by the country’s energy sector. According to the deputies, energy can be purchased domestically or abroad with the revenues that can be obtained from crypto currency mining. According to lawmakers, cryptocurrency miners and power plant owners could work more harmoniously with each other.
Due to the increasing cryptocurrency mining in Iran, there were frequent power outages across the country, and President Rouhani banned cryptocurrency mining activities. More than 5300 cryptocurrency mining farms were closed during the operations. He stated that according to the state-owned energy agency, it is expected that there will be no energy problems as of September 22, and therefore, cryptocurrency mining activities should continue.
Do you think Iran will make supportive regulations for crypto companies in the future? How will cryptocurrency exchanges react to this situation if the supporting factors increase? We are curious about your opinions, please share your opinions with us in the comments.