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Iran Fintech Says Confining Crypto Exchanges Is Unwanted and Unhelpful

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  • Digital currencies and cryptocurrency investment on the rise.
  • The move follows the attempts of parliament and financial authorities to regulate cryptocurrency exchanges.
  • Bitcoin trade to be allowed only for commercial purposes.

Cryptocurrency has succeeded in taking over the world’s markets by storm. While the west has already borne fruits of it, economies such as Iran are yet to experience the true potential of this financial breakthrough. Iran government has long been working to regulate the flow of cryptocurrencies. This move will potentially affect the entire financial system of the country.

An overview of the present scenario

Cryptocurrencies such as Bitcoin and even Dogecoin are currently trending and made millions of people millionaires in months. Iranian lawmakers are perhaps not delighted by the increasing positive expectations of the people on cryptocurrencies.

The authorities blocked various online payment gateways owned by crypto companies. This move is part of the governments anti-money laundering measure expected to maintain the consistent flow of cash and liquidity. Furthermore, the Central Bank of Iran (CBI) has also authorized exchange shops to restrict exchange and halt their access to payment gateways.

The role of the Iran Fintech Association

IFA was formed with a mission to boost the country’s financial system and act as a bridge between the government and other regulatory agencies. Mohammad BaqerQalibaf and AbdolnasserHemmati, speaker&CBI boss respectively at IFA, have remarked that the centre’s decision to ban Cryptocurrency trade is a haste measure. Further, they contemplated that the move would deprive the nation of various opportunities for business growth and innovation.

The road to follow for digital currency

Digitization is the need of the hour. According to some startups, cryptocurrency has allowed Iranian businesses to counter the US economic blockade’s effect and minimize the underlying risk. Still, miners in Iran are legally permitted to operate. With 24 crypto mining centres and subsidized electricity to them, the idea of restricting Cryptocurrencies simply because of unfavorable experience is a far cry.  

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