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Iran to Lift Blanket Ban on Cryptocurrency in September

It has been hinted that the blanket ban placed on cryptocurrency in Iran will be lifted next month. The revelation was made by a central bank official.

Nasser Hakimi, the Deputy for Innovative Technologies at Iran’s Central Bank has revealed in a blockchain conference on Sunday. However, the financial regulator will be reviewing the present cryptocurrency ban in Iran. He went further to state that the central bank’s regulatory framework for cryptocurrency will be ready by September.

The country had introduced a ban on the trading of cryptocurrency in April after banks and financial institutions had raised concerns about the risk associated with cryptocurrency.  In his statement, Hakimi acknowledged the ban introduced by the High Council of Anti-Money Laundering. Although, quickly added that recent events had created a need for a review of this decision.

There has been a report that the U.S. sanctions imposed on the country in early August have led to the devaluation of its national currency. Hence, the country has shifted its attention to the creation of a state-sponsored cryptocurrency. However, that will counter the effects of the imposed sanctions.

Hakimi explained that the proposed regulatory framework being reviewed by the central bank will be focusing on four key factors.

Iran’s State-backed cryptocurrency

Recently, an official of Iran’s Supreme Cyberspace Council Saeed Mahdiyoun revealed that the draft for the creation of a state-sponsored cryptocurrency was ready. Mahdiyoun went further to hint that the central bank is expecting to reveal its position on the ban on cryptocurrency later in September.

Therefore, the announcement by Hakimi has indicated that the Central Bank of Iran is likely leaning towards the lifting of the current ban on cryptocurrencies. It is glaring that the move by the financial regulator to lift the ongoing ban supports the country’s plan to introduce a national cryptocurrency.

Hakimi concluded by stating that the success of the proposed national cryptocurrency will hinge on the results. Therefore it is of the test plannings by the Informatics Services Corporation. If all goes to plan, Iran will join an exclusive club of countries like Venezuela that own national cryptocurrencies.

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Image Source: Iran

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Ifeanyi

Ifeanyi Egede is an experienced and versatile blockchain/crypto writer and researcher on with tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids. Learn more about how Ifeanyi Egede could be of help to your business.

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