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Iran’s HCC Welcomes Bitcoin with Regulations

Iran’s HCC Welcomes Bitcoin with Regulations

Reading Time: 2 minutes by on December 2, 2017 Bitcoin, Commentary, News, Regulation
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The High Council of Cyberspace in Iran (HCC) has announced its acceptance of bitcoin in Iran, albeit under strict regulations.

Conservative Steps into the Crypto Space

Although cautious in its initial approach, the Iranian authority spoke positively about the future of the use of cryptocurrency in its society. With the aim of keeping all bases covered, the HCC has imposed strict regulations to govern the use of bitcoin and altcoin in the country.

They underlined the importance of strict adherence to these regulatory guidelines as well.

Secretary of the HCC, Abolhassan Firouzabadi spoke of the above to ILNA, a local news agency, of the acceptance of bitcoin. He expressed that there are already a large number of people in Iran who are dealing with the cryptocurrency in various ways.

According to Firouzabadi, there are widespread instances of it being purchased, sold or mined. As startup companies also begin to spring up and vend their cryptocurrency, the country is also experiencing increased transaction rates in the space.

Due to the increasing amount of civil interaction with the cryptocurrency, the Central Bank of Iran and the HCC have been prompted to study the field further in order to better understand them.

Taking a Stance

Firouzabadi acknowledged that the absence of regulations thereof would not deter people from engaging with the cryptocurrencies, which further serves as motivation to get regulations in place.

As such, the central bank aims to express its standing on cryptocurrencies in the nearest possible future. These new developments came just weeks after Nasser Hakimi, deputy director of the Central Bank, made clear that they were examining all aspects of the cryptocurrency. He also revealed concerns relating to the “uncertainty and high risk” when it comes to bitcoin trading.

Regardless, the HCC and the majority of Iranian authorities were progressive in their stance about bitcoin, going as far as accommodating it as much as was possible.

Another recent development relating to the adoption of bitcoin in Iran was Amir Hossein Davaee’s statement earlier this November. According to The Minister of Information and The Communications Technology Ministry, research was being conducted to prepare the infrastructure for the use of bitcoin in Iran.

There is an apparent motivating factor, however, for Iran’s open-minded approach to decentralized cryptocurrencies. The narrative behind the country’s adoption interests come from the removal of SWIFT by Iranian banks in 2012, due to the economic sanctions of the time. These sanctions ousted Iran from the global banking system and virtually isolated Iran from the global commerce market.

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