The deputy for innovative technologies at the Central Bank of Iran, Nasser Hakimi, has stated that Irans financial regulator will be reviewing the countrys blanket cryptocurrency ban. The central bank official also indicated that the countrys regulatory apparatus pertaining to virtual currencies is expected to be finalized by the end of September.
Iranian Central Bank Official Hints That Cryptocurrency Ban May Be Repealed During September
Whilst speaking at a conference on cryptocurrency and distributed ledger technology in Tehran on Sunday, Nasser Hakimi, the Central Bank of Irans deputy for innovative technologies, made statements inferred as indicating that the Iranian administration will likely repeal its blanket ban on cryptocurrencies during September.
The first concerns the prevalent global cryptocurrencies. The High Council of Anti-Money Laundering has imposed a ban in light of concerns over global allegations of money laundering and financing of terrorism. But it seems that after the governments consideration, this blanket ban will be reviewed, Mr. Hakimi stated.
The blanket ban, first announced on April 22nd of this year, was ostensibly intended to address concerns pertaining to money laundering and financing of terrorism.
Iran to Deliver New Cryptocurrency Regulations in September
The cryptocurrency ban is expected to be lifted when Iran announces the finalization of its new regulatory apparatus pertaining to cryptocurrencies, which is currently slated to occur by the end of September.
According to Financial Tribune, Irans new cryptocurrency policies have been developed under the guidance of President Hassan Rouhani.
See more - https://news.bitcoin.com/iran-expected-lift-cryptocurrency-ban-september/This is great news, if it can actually result in change in the current policies.
A blanket crypto ban simply doesn't make much sense in my opinion, simply because of the fact that it is extremely hard to enforce. Bitcoin and most other cryptos are decentralized in one way or another, which means that it's not like the Iranian government can do much to monitor crypto use outside of central exchanges, which are already banned under these policies.
It's more practical to regulate third party service providers when it comes to crypto. We still don't know what regulations they're going to come up with though, which means that it's probably too early to be too optimistic on this. Maybe they'll just come out with huge taxes or restrictive regulations to deter people from using crypto after all. But if not, then it's definitely a huge plus for crypto globally, and to a further extent, Iranian crypto users.