Authorities are ignoring cryptocurrencies, according to the main Iranian blockchain organization. The association is concerned about the government’s lack of action, and offers its assistance to regulators, who in its opinion are not sufficiently prepared for such a complex task.
Abbas Ashtiani, head of the Iranian Blockchain Association (IBA), said Iranian regulators such as the Central Bank of Iran (CBI) could not regulate digital assets. According to a Financial Tribune report, the International Bar Association turned to an “independent adviser”.
At a press conference on Tuesday, Ashtiani explained:
“We need a separate council with representatives of public agencies and private organizations to develop regulations on cryptocurrencies. The CBI or the Security and Exchange Institution is not [sufficiently] qualified to set rules for cryptocurrency due to the multidimensionality of the problem. ”
While Bitcoin (BTC) mining is allowed in Iran, the use of cryptocurrency for payments is prohibited. However, authorized banks and exchange offices are allowed to use the digital currency created by authorized miners in Iran to pay for imports.
Miners must obtain a license from the Ministry of Industry and pay electricity bills, which are based on export prices. According to the latest data obtained earlier this year, around 30 companies have obtained mining licenses in the country.
However, problems with underground mining are still a problem for the country. As the Cointelegraph reports on September 29, the CEO of the Tehran Stock Exchange withdrew after bitcoin miners were found in their basement.
In response to government concerns about illegal activities related to mining and cryptocurrency trading, Ashtiani said the Iranian Blockchain Association understands lawmakers and assures them that their concerns will be addressed:
“We are ready to help establish the rules that will help ensure the positive effect of cryptocurrencies on the economy while reducing crime.”