Iran Expected to Lift Cryptocurrency Ban in September

2018-8-28 21:15

The deputy for innovative technologies at the Central Bank of Iran, Nasser Hakimi, has stated that Iran’s financial regulator will be reviewing the country’s blanket cryptocurrency ban. The central bank official also indicated that the country’s regulatory apparatus pertaining to virtual currencies is expected to be finalized by the end of September.

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Iranian Central Bank Official Hints That Cryptocurrency Ban May Be Repealed During September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 Iran’s 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 government’s 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, Iran’s new cryptocurrency policies have been developed under the guidance of President Hassan Rouhani.

Iran Is Testing National Cryptocurrency

Mr. Hakimi also discussed the possibility of Iran’s current position regarding the development of a state-issued cryptocurrency, stating: “National virtual currencies haven’t proved successful experiences in the world, but some economic officials have emphasized on this, so the Informatics Services Corporation has readied a test edition and some other entities are also cooperating in this.”

Saeed Mahdiyoun, an official representing Iran’s Supreme Cyberspace Council, also recently indicated that the country’s cyberspace authority was actively exploring the idea of introducing a national cryptocurrency.

Do you think Iran will repeal its cryptocurrency ban next month? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

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