Hassan Rouhani said that Iranians should be aware of the risks that cryptocurrency exchanges pose. The head of state called on regulators and the media to educate people about cryptocurrencies.
In recent days, the president of Iran, Hassan Rouhani, called on his cabinet to implement measures to regulate cryptocurrencies. The head of state argued that it is necessary to control Bitcoin (BTC) and the trading of cryptocurrencies. He said that that it would help preserve and protect his country’s interests from the expansion of digital assets.
Rouhani recently held a meeting with the cabinet’s economic coordination board. He used that occasion to say that it is time for his government to pay attention to legal and technical requirements. He said that they seek to set guidelines on Bitcoin and other cryptocurrencies.
The Iranian president explained that it was necessary “to think of a solution as soon as possible and introduce the necessary laws. In this way, we would be legalizing the activity of cryptocurrencies and protecting the capital of the people in this field.” At the same time, he stressed that Iranians must be aware of the risks of trading cryptocurrencies like Bitcoin.
No one yet knows exactly what kinds of guidelines Iran could implement on Bitcoin and the trading of crypto assets. It may be restrictions on foreign exchanges or audits to banks that allow these types of transactions. Likewise, they could have the intention of implementing limits on the trading volumes of cryptocurrencies.
Rouhani Requires Education about Bitcoin and Other Cryptocurrencies
Regardless of what the government of Iran understands about the trading of Bitcoin, Rouhani knows that the activity requires increased attention. For that reason, the president also called on local regulatory agencies and the media to help. He wants them to explain to people what cryptocurrencies are and what their “requirements” are.
“The agencies responsible in the field of capital markets should cooperate with the media and cyberspace. They should help inform, educate and raise awareness about this phenomenon, its instructions, and its laws,” added Rouhani.
When the president held the meeting with his delegates, he spoke about the mining of Bitcoin and other currencies in Iran. He said that he had suspended this activity until the end of the summer, that is, until next September. He explained that the country was experiencing many power outages, which is partly due to the process of mining cryptocurrencies.
It is not the first time that the Iranian government has shown that it is not totally against cryptocurrencies. However, they said that they want to establish strict control over everything related to these types of assets. For example, they consider Bitcoin would serve as a bridge to evade US sanctions. They note that the latter situation puts the West Asian country in financial isolation.
The President of Iran knows the relevant role that Bitcoin plays in today’s world economy. For that reason, he wants to control the use of the pioneering cryptocurrency within the territory of the country. Therefore, it is only a matter of time until people see what he will do regarding cryptocurrency mining and trading.
By Alexander Salazar
