Iran’s Cyberspace Supports Cryptocurrencies Regulations

The High Council of Iran's cyberspace is searching ways to regulate the use of digital currencies.

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The HCC (High Council of Cyberspace), Iran’s cyberspace authority, has officially announced its support towards any action to regulate the use of cryptocurrencies in the Iran’s jurisdiction. As it did in the past also, the HCC highlighted again that it’s important to create and follow the laws and regulations in the country.

According to the Financial Tribune newspaper’s report, Abolhassan Firouzabadi (HCC’s secretary) claimed that they welcome the use and also the regulations of digital currencies.

Although they support the use of Bitcoin and other cryptocurrencies, they want to do it under some regulations, as obeying the rules and laws isn’t a matter of discussion.

Iran’s current cryptocurrency state

Despite the absence of rules to regulate their use, Bitcoin, as well as other virtual currencies, consumers use them for many different purposes at the moment in Iran.

According to HCC, consumers use the digital currencies in Iran in many transactions, not only for payments but also for mining and trading.

In addition, he mentioned that the responsible agencies like the Central Bank have already included some kinds of mechanisms, in order to help them with the supervising and control the supply of cryptocurrencies in the country.

Firouzabadi also added that the council in cooperation with the Central Bank is conducting a study. This study informs the users about the cryptocurrencies recently increased prices. The aim is to continue the process until a clearly defined decision is agreed on the situation.

On the other hand, Naser Hakimi (Deputy Director of New Technologies of the central bank), recently expressed publicly his warnings about the risk of using digital currencies. He told the investors that while they’re investing in cryptocurrencies, they are exposing their capital at great risk.

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