Iran open to the idea of legalizing crypto, says president
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Iran open to the idea of legalizing crypto, says president

Saudu Clement
Saudu Clement

Cryptocurrencies may soon be legalized in Iran, President Hassan Rouhani said during an Economic Coordination Board meeting.

For legalizing the activity of cryptocurrencies and protecting people’s capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions.

Although Iran has not implemented any regulatory restrictions or structure for cryptos in the past, last year laws were passed to allow the use of Bitcoin for imports. More recently, the country issued a temporary ban on Bitcoin mining operations until September 22, for fears of blackouts during its peak electricity demand season.

About the temporary ban of mining operations, Rouhani denied having a hand in it. According to him, “the Ministries of Communication and Information Technology and Energy are responsible for cutting off power to these centers.” He implied that the ban was quite different from digital assets themselves and called for cooperation.

The responsible agencies in the field of capital markets should cooperate with the media and cyberspace in the field of information, education and public awareness about this phenomenon and its instructions and laws.

Iran’s presidential election will take place next week. It is unclear whether Rouhani is trying to score some points or whether the new administration will maintain a pro-crypto stance.