Iran could be the next Country to bring Legal Framework for Crypto
When we talk about crypto then legalization is one of the matters that we cannot ignore and in the current situation there are many countries that are yet to clear their stand on crypto. What El Salvador has done is simply amazing and this country has created history. Making Bitcoin legal tender in-country is not a small step especially when many big countries don't even have regulation for considering it an asset class.
Now Iran could be one of the countries to bring crypto regulation and if this happens then it will add more value to the crypto community. Based on some news its expected that Iran is exploring the options and soon they will bring legal framework from crypto regulation in the country. Iran is currently having a ban on crypto mining due to electricity shortage and this ban is for four months as of now.
Iranian President Hassan Rouhani has asked his government to start working on a framework to regulate cryptocurrencies like Bitcoin. He believes that clear communication about the laws and rules will help discourage dishonorable crypto businesses, who've had a free run so far. This comes even as the country imposed a blanket ban on bitcoin mining this year for four months due to electricity shortage.
Its a good move by the country because if they won't have a legal framework then also people will find other ways to deal in crypto which is not good. Crypto demand has been increasing and bringing new people every day to this segment. Although bitcoin is decentralized but having some other sort of ban will work against the country's economy and taking the right decision at the right time will help the economy.
We are in the digital era and now in the crypto space we can see lots of great things happening so if we join the race then it will benefit but if any country still takes a strict stand against crypto then they will be left behind and those who join the trend will be benefitted.
Many countries are exploring options to regulate crypto as an asset class and India is also one of them. Its not easy for all the countries to make it legal tender but be bringing regulation is also a good idea to join the power of crypto and avoid illegal trading situations.
More countries joining the race of bringing regulation will make the crypto community strong and this will also enable more innovative options to get introduced.
Thank you.
Hello friend @alokkuumar121.
It is always important to be informed about this kind of topics related to the world of cryptocurrencies, where it is important to highlight what you express:
I think this is positive as everything should have a legal framework and avoid as you very well express illegal situations, thanks for sharing such nourishing and important content, many successes. Best regards.