Iran studies regulatory proposal for cryptocoins

The Islamic Republic of Iran is in the process of evaluating a legal proposal for the regulation of digital currencies. The proposal was presented this week and comprises mostly an evaluation of the characteristics and operation of the cryptocoins, with Bitcoin as the main observation sample.

The National Center for Cyberspace was the state agency that issued the document evaluating various scenarios that, according to those responsible for drafting the document, at least one of them should be chosen to ensure favorable legislation for cryptocoins in the Iranian territory. This bill will have to be discussed by senior Iranian authorities and will have a final verdict that will be announced within a period of no more than four months.

According to the Financial Tribune website, the Iranian government seeks to choose a scenario where the advantages of cryptononedas can be fully exploited.

The portal Majazi.ir, which is attached to the National Center for Cyberspace in Iran, did not provide further details on the legal project submitted. However, he presented a short list listing several of Bitcoin's main features as cryptocoins and leave open the possible attributions that the State of Iran must take to control some of them, such as those focused on privacy.

Iran, had announced this year its intention to abandon the US Dollar (USD) both as a reserve currency and to carry out international trading operations. In addition, the discussion had opened on the possibility of using bitcoin as an international currency for some state trading operations; Something that, with this new legislative proposal in progress, could be directly connected.

The most powerful statements in this regard were issued by the Executive Director of the Bank of Tehran, Mohammad Ibrahim Moqaddam, which urged Iranian banks and payment companies to prepare for the arrival of Bitcoin. A measure that, according to Moqaddam, will accelerate the efficiency of the financial sector in Iran.

The Iranian community of Bitcoin and cryptocoins is not one of the most outstanding in Asia, having LocalBitcoins and CoinAva as used portals for online exchange after the disappearance of BTXCapital. With the possible arrival of a positive regulation for the use of the cryptones in that country, we could see an increase in important volume that comes to stand out in the region in the future.