Iran releases first official crypto regulation
The Central Bank of Iran has released its first cryptocurrency legislation, officially legalizing cryptocurrencies in the country after the long ban and era of uncertainty. Earlier this week, the bank has published the first regulatory framework for cryptocurrencies on their website, and called it a ”Version 0.0.”
Notably, this announcement was made right before the two-day Electronic Banking and Payment Systems conference in Tehran, which theme was introduced as ”Blockchain revolution.”
The bank has officially recognized and authorized global cryptocurrencies, covering both bitcoin and other central bank cryptocurrencies, including Iran’s upcoming national cryptocurrency. The legislation also legalized ICOs, tokens, cryptocurrency wallets, cryptocurrency exchange bureaus, and mining. However, the introduced set of laws currently prohibits the use of internationally-recognized cryptocurrencies inside the country, which caused a lot of disappointment among the Iranian crypto-community.
The current legislation is only at the initial stage, and it will continue to develop, experts say. The official recognition of cryptocurrencies the Iranian government has established came right on time. In the midst of U.S. economic sanctions, cryptocurrencies are not only the ‘advanced’ tech and tender in Iran, but also the means for survival of the whole country.