Iran: Central Bank

Iran will likely reverse its cryptocurrency ban in September, a central bank official told a conference August 26, paving the way for official regulation in the country.

Regulators Revisit April Exchange Block

The country, which introduced a blanket ban on trading in April this year, has since seen economic turmoil return to its economy in light of fresh US sanctions, its national currency losing a significant chunk of its value since.

Having previously signaled plans to create a national cryptocurrency, the Central Bank of Iran’s chief of innovative technologies Nasser Hakimi said regulatory attention would now shift to public crypto assets.

“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,” he told conference members quoted by local news outlet Financial Tribune and Eghtesad.

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Concerning the national crypto plans, Hakimi hinted these should also come to fruition, saying the project required “suitable and prevalent” support from authorities.

“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,” he commented.

Crypto ‘Beyond The Financial Sector’

The government will meanwhile review the trade block in September, with the outcome reportedly set to acknowledge cryptocurrency’s increasing popularity and the ineffectiveness of trying to stifle its use.

As Eghtesad notes, Iran’s domestic exchanges shut down for less than a fortnight after the April announcement and have continued operating since.

“This is beyond the boundaries of the financial sector and is considered an industrial issue, so we can look at it as the crypto mining industry,” Hakimi added about the type of direct the discussions the September review would take.