Iranian parliamentarians saw the opportunity offered by cryptocurrencies to improve the economy in the country.
Iranian parliamentarians saw the opportunity offered by cryptocurrencies to improve the economy in the country. Tehran's policy, although constantly restrictive to digital currencies, will have to be relaxed. Iranian market research has shown that the use of cryptocurrencies in the country will improve the sanctioned and turbulent economy.
“Adopting a restrictive approach only pushes innovative solutions underground. [...] Our research shows that 50% of crypto activities take place in the informal market. This is while supporting regulation can help increase the digital currency's contribution to the economy. " Said spokesman for the Majilis Economic Commission, Gholamrez Marhab.
The report shows digital currencies in an optimistic light for the economy, and its authors themselves urge the government to change the law. The development of this sector in the country would have a real impact on the development of the economy, which for years has been improperly managed and affected by foreign sanctions.
The prevailing law allows from 2019. for legal mining only to entities authorized by the Ministry of Industry, Mining and Trade. Cryptocurrency trading is not welcome, however, and authorities regularly shut down local exchanges. Cryptocurrencies may only be used by banks and licensed exchange offices to pay for transactions involving imports.
Majilis representatives, including Hadi Nejad Beigi, see an opportunity in the cooperation of the energy sector and cryptocurrencies.
"Iranian Lawmakers Oppose Crypto Restrictions, Call for Supportive Regulations" https://news.bitcoin.com/iranian-lawmakers-oppose-crypto-restrictions-call-for-supportive-regulations/