In the bill of the central bank, for the first time, cryptocurrency is legally defined
According to the Iran digital economy annotation, In the draft of the Central Bank Law, which was notified to the government after many deliberations by the parliament, for the first time, cryptocurrency is legally defined. In this plan, it is also emphasized that the central bank is solely responsible for issuing instructions about cryptocurrencies.
After several decades have passed since the approval of the monetary and banking law in the country, which belongs to 1351, the 11th Parliament finally put the plan of the Central Bank of the Islamic Republic of Iran on its agenda with the aim of amending these laws. This plan is compiled in 67 articles and has gone back and forth between the Parliament and the Guardian Council several times; Finally, this plan was notified to the government in the past days.
In the plan of the Central Bank of the Islamic Republic of Iran, for the first time, cryptocurrency or digital money is officially defined in a law. In paragraph “Z” of the generalities of this plan, there is such a definition for cryptocurrency: “It is a type of digital (digital) encrypted money that is created and exchanged in a decentralized manner on the basis of a shared database in a centralized (central bank-centered) or decentralized manner.”
In paragraph 13 of the central bank’s responsibilities, the issue of cryptocurrency is mentioned again. In this paragraph, it is stated that: “regulation in the field of cryptocurrencies and supervision of their exchange within the framework of relevant laws” is the responsibility of this institution.
This issue can create hope for activists in the field that the central bank is going to start regulation in the field of cryptocurrencies; However, on the other hand, the entry of a government institution into the regulation of this field can be worrying. In the past years, the central bank did not have a proper approach to the field of cryptocurrencies and almost abandoned this market.
“Creation and development of markets consisting of currency and authorized cryptocurrencies” is another clause that is defined in the scope of the central bank’s powers. Although a market around cryptocurrencies has not been created in the country, it seems that the central bank intends to think about such a market in the long-term plan.
Article 59 of the Central Bank Law has also emphasized that the Central Bank has the sole responsibility of issuing the necessary instructions in the field of cryptocurrency. The existence of the exclusive phrase in this article can cause concerns for cryptocurrency activists.
Article 59 is as follows: “The central bank is solely responsible for issuing the necessary instructions in the field of payment systems, new financial technologies related to payment instruments and crypto-currency, as well as institutions active in these fields. Institutions active in the aforementioned fields are considered “persons under the supervision of the Central Bank” and their establishment and activities are subject to obtaining a license from the Central Bank.
Also, these institutions are obliged to provide all their information, statistics and documents according to the request of the Central Bank.
Not long ago, the head of the central bank also spoke about the possible change of the policies of the central bank towards cryptocurrencies.
He said: “We are planning about cryptocurrencies. Our policy was that cryptocurrencies can legally help exports and imports, but there are restrictions on the use of cryptocurrencies in domestic exchanges aimed at combating money laundering. Our policy is in the framework of policies of many countries in the world. Production of cryptocurrency is possible based on our regulations.
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