Iran Planning to Ban Unapproved Cryptocurrencies and Launch State Owned Cryptocurrency

Iran Planning to Ban Unapproved Cryptocurrencies and Launch State Owned Cryptocurrency

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.

Iran, Cryptocurrency, Bitcoin, Sanctions

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.

Experts’ Views

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.

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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.

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.

Iran Planning to Launch State Backed Cryptocurrency

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.

Iran, cryptocurrency, sanctions, bitcoin

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.

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