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Iran has lifted the ban on Bitcoins and cryptocurrency as it moves one step closer to its own sovereign cryptocurrency in talks with foreign countries as potential partners.
Iran releases Bitcoin and ICOs
Today, the Iranian central bank has published a bill on cryptocurrencies, lifting the previous ban on Bitcoins, crypto-currencies, digital tokens and ICOs, reports to the Al Jazeera.
Nevertheless, the regulations will impose restrictions on the use of virtual currencies in the interior of the country. Thus, individuals will be allowed to have bitcoins, although banks and companies are likely to be prohibited from carrying out cryptocurrency transactions in order to preserve the royal monopoly.
The document also formally recognizes portfolios and cryptocurrency exchanges, as well as extraction to generate cryptocurrencies through computing power.
"Crypto-rial" discussions in progress
According to Tehran Times, Iran is currently in talks with eight foreign countries as part of efforts to incorporate cryptocurrency payments into international payment transactions. This decision comes as the country looks for ways to counter the economic blockade imposed by the United States.
Mohammad Reza Modoudi, Acting President of the country's Trade Promotion Organization (TPO), commented on the plan:
Representatives from Switzerland, South Africa, France, England, Russia, Austria, Germany and Bosnia traveled to Iran for talks on the subject .
The establishment of encrypted trade agreements with other countries will likely be a big step for Iran after SWIFT ban. In addition, reports indicate that Russia, one of the eight countries mentioned above, is also exploring the possibility of creating financial systems that do not depend on the SWIFT network.
according to Al Jazeera, Iran already has a trilateral agreement with Russia and Armenia that involves the use of blockchain technology. Yuri Pripachkin, a senior Russian government official, commented on the deal:
According to our information, an Iranian version of SWIFT is currently under development.
Iran serious about the cryptocurrency backed by the state
This week, reports also revealed that the country was ready to Advanced with his plans to create a cryptocurrency saved by the state. Sources said the unveiling of the national virtual currency would be part of the planned activities at the annual conference on electronic banking and payment systems, which began today.
At present, there is no indication whether the proposed national cryptocurrency will facilitate trade between Iran and other countries. For the moment, any "crypto-rial" will be used to make payments between banks and institutions invested in cryptocurrency.
What do you think of Iran's plans to engage with other countries to use its national cryptocurrency?? Let us know your thoughts in the comments below.
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