Iran’s Joined In
Another country is adding itself onto the list of those recognizing Cryptocurrencies – Iran. This Western Asian country with over 81 million people living there is up near the top of populated countries and is the second largest of the Middle Eastern countries.
Although things still need to be put in place – i.e. the regulations surrounding Cryptocurrencies and their usage in Iran – in essence, the industry has been accepted into the country’s financial market. On top of this, Crypto mining for tokens such as Bitcoin Cash has also been approved. This is great news and leads the way for other countries to follow suit in this region. Iran has been watching bigger countries worldwide accept the new digital economy and has now declared that it too will be dealing in this new generation of finance. Decision makers are very much of the opinion that Cryptocurrencies can offer a lot for the country however they will be strictly regulated which is not a bad thing. These first draft of these procedures are expected by the end of September when the deadline has been set. This framework will then lead the country to the next phase of implementation. Samoa too has recently announced that although Cryptocurrencies are accepted in the country, there are tight guidelines on how they will operate. This is for the good of the residents, the country and the country’s financial markets.
Ministries Working Together
Things are still up in the air in Iran, but plans are very much in progress. Future meetings see Crypto mining listed on the agenda as well as the future of Iranian cryptocurrency exchange centers. There is certainly everything to play for that is for sure. Those in the positions of power i.e. the ministries are very much ready to take the next move, it is just going to take a little time to iron things out and put the necessary regulations in place. It is wonderful to see the country’s leading ministries working together in such a way. This decision has pulled in the Ministry of Information and Communications Technology, the Central Bank, the Ministry of Industry, Mine and Trade, the Ministry of Economic Affairs and Finance and finally the Ministry of Energy. It has not been a quick process and there has been a lot of discussions to make sure the final decision is what is best for the country. But it is hoped that with all of the above in place, a lot more investors will take a keen interest in Iran and will enjoy the Iranian Cryptocurrency marketplace. In a further extension of this, Iran is aiming to improve their relationships with partners.
Iran’s Own Cryptocurrency
More recently the country has announced that it has developed its own state-backed Cryptocurrency which is supported by the Iranian Rial. The Central Bank will issue this new Cryptocurrency which is very much based on open-source Hyperledger Fabric.
It really is amazing to see just how many countries have now jumped on the bandwagon with entering into the Cryptocurrency industry. It was expected that once a few had made the bold move and jumped others would follow. It is also fabulous to see just how many of these governments are taking regulation seriously and ensuring everything is in place to not only protect themselves but also their residents and investors alike.