Like many countries of the world, Iran is also planning to regulate cryptocurrencies. A draft report in this regard says that the Central Bank of Iran is all set to ban unapproved cryptocurrencies. However, there is nothing clear about which cryptocurrencies would face ban. The report titles “Obligations and Rules Regarding Cryptocurrencies” states that cryptocurrency wallets can only store and transfer cryptocurrencies. No one can integrate any service in wallet by using cryptocurrencies.
In case of approval of the report, individuals and businesses would be unable to use unapproved cryptocurrencies for payments. However, Central Bank will allow individuals to hold and transfer small amount of approved cryptocurrencies. Here, it is worth mentioning that Irani people cannot keep more than 10,000 Euros outside their regulated bank accounts.
The regulators in Iran want to settle all the Bitcoin transactions in Irani rial. This is because Iran is facing economical sanctions from United States. It is also important to mention that regulators have to discuss this draft report today. There are also possibilities that Irani population may also face restrictions to hold large amount of cryptocurrencies.
This report has shocked the Iranian businesses as well as crypto experts. They are considering it discouraging for businesses that receive cryptocurrencies from foreign customers. Some are also of the view that Iranian government is planning this ban to save its fiat currency ‘rial’ from severe competition.
The report also suggests that Iranian exchanges will have to get licenses. There is nothing clear about the process to get this license. It clarifies that Iranian Bank will update the list of approved cryptocurrencies after every three months. After the approval of this report the KYC process of the exchanges will also change.
Want to make money automatically with Forex, Bitcoin and other Cryptocurrencies, Commodities etc without the risk of trading yourself? Are you ready for self-custody of your investment funds? Do you like the sound of regular consistent results and profitable performance? Tired of the forex and crypto scams, false promises and games out there designed to separate you from your hard earned funds? Stop everything! WorldMarkets is for you! With the WorldMarkets AI Managed Account Services, only YOU are in control of your investment funds. WorldMarkets is a trading platform that uses artificial intelligence to handpick highly profitable and low-risk trades for its users. It also goes ahead to trade for you based on analyzed data. And yea, you guessed right, “it almost never loses”. This is indeed the holy grail of trading. It is much more reliable and profitable than paying gurus to trade for you, mulling over candle sticks or playing the luck game. Using this system, investors and traders have recorded over 30% Returns on Investment in less than a month. And with a 100% compound return, you simply cannot lose with WorldMarkets. All you have to do is sit back, manage your funds and let the AI trade for you. Are you ready to start making aggressive profits regardless of the market’s direction? If you are ready to leave the trading to the professionals and upgrade your monthly income, now is the time, head to WorldMarkets now and choose a plan to start trading. PS: WorldMarkets is a Profitable Forex/Crypto AI Managed Trading Service. 100% Verified and Recommended by Valforex.com.
Earlier, the Iranian exchanges collect addresses and government issues ID’s. But, these exchanges are more dependent than the exchanges operating in other countries of the world. Getting exchange license is already much difficult in Iran. The imposition of these regulations will make it more difficult.
All this seems quite surprising because Iran is planning to launch its own cryptocurrency. The launch of state backed cryptocurrency will abate the grievances of the businesses. The government has also discussed this launch in annual Electronic Banking and Payment System Conference.
It is pertinent to mention that Iran wants to counter the impacts of American sanctions. America had imposed these sanctions in mid 2018. In November 2018, America banned SWIFT to carry out its operations in Iran. SWIFT is a Belgium based financial services Provider Company. This has deprived Iranian businesses and individuals to receive payments from foreign business partners.
Therefore, the Iranian government is planning to launch its own cryptocurrency. It will enable the businesses in the country to receive payments from foreign clients. This is because there is no other way for businesses to carry out cross-border transactions.
Al-Jazeera reports that the state backed cryptocurrency will roll out in two phases. The first phase will introduce Crypto rial. It will work as a bridge between Iranian Commercial Banks and local businesses. After successful operation of this phase, the government will allow local public access to this cryptocurrency in the second phase. The second phase will enable individuals to make payments for goods and services in cryptocurrencies.
Still, it is not clear whether the individuals and businesses would be able to globally use this cryptocurrency. The present scenario suggests that the cryptocurrency will serve the individuals and businesses in local payments. We can also hope that Iran will soon join other blockchain networks to defeat SWIFT like platforms.
Help Us Fight Scams. Please Donate to Support Our Work. No Amount is too Little or too Big. Thank You..
February 8, 2019 By Ghazanfar
The phrase ‘Necessity is the mother of invention’ seems true for Iran. This is because Iran has unveiled its own...
February 8, 2019 By Ghazanfar
In spite of long bear market, Bitcoin transactions per day are increasing. Today the level of these transactions has touched...
February 4, 2019 By Ghazanfar
Although bear market in crypto world is extending, yet many fiat currencies are facing the threat of destabilization. This is...
February 4, 2019 By Ghazanfar
In spite of mix signals from the cryptocurrency world about the future of cryptocurrencies, many countries are planning to test...
February 3, 2019 By Ghazanfar
The idea of Bitcoin adoption as an international currency is not at all new. Over the years, many financial experts...
February 2, 2019 By Ghazanfar
Bitcoin’s entry into the longest ever bear market in history is one of the most burning issues of today. The...
Valforex.com will not be liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Trading Forex, Binary options and Cryptocurrencies involve high-risk and are not suitable for all investors. Online trading in general, may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity… Read More