These days, more than other periods, the regulator is determined to regulate the field of cryptocurrency. In the current situation, three documents have been put on the table to regulate the cryptocurrency field.
Map of the central bank, the draft of the parliament’s cryptocurrency document, the new law of the central bank. Now, Amirhossein Rad, the CEO of Nobitex, in this episode of the station, in addition to reviewing the documents compiled in the field of cryptocurrency, also points out that the risk of activity in the field of cryptocurrency is never zero.
The cryptocurrency market in Iran has been accompanied by many ups and downs, but despite all these challenges, it has still maintained its fans.
According to the Iran digital economy annotation, Amir Hossein Rad, the CEO of Nobitex, told about the legal status of cryptocurrencies in Iran: Legislation and legalization have several different paths. One of these paths is the self-regulation of businesses based on existing laws.
He continues: In this case, part of the business risks are covered and the businesses formulate their own business standards. But self-regulation is a limited legality, if there must be a strong legal support for all businesses to be regulated, self-regulation cannot necessarily provide an executive guarantee.
The central bank is inherently a conservative institution
Rad also says: Willingly or unwillingly, the central bank in Iran has been introduced as the custodian of the field of cryptocurrencies, but if we look at the successful experience of countries in the world in this field, in these countries the central bank is the custodian. Has not been. Because the central bank cannot see the development of cryptocurrencies as its priority and has heavier duties on its shoulders, and based on its inherent duties, it is a cautious and conservative institution. In fact, for development, cryptocurrencies need a space where they can be present and play a role.
He continues: Of course, the discussion of cryptocurrency is different from cryptocurrencies, if we consider cryptocurrency as a new form of money, the Central Bank is the guardian of it. But cryptocurrencies in general are not. Because, necessarily, cryptocurrencies are not an option for payment and they have the status of a new asset or investment, and this part is not the specialty of the central bank. In my opinion, it is better for central bank regulation to focus more on the payment sector.
Regarding the cryptocurrency law that has been drafted in the parliament, Rad says: its general aspects have been approved for now, in general, I can say that this issue has been looked at more broadly, and for that reason, it is better to point to the issuance of tokens inside the country and the custodian in the area Exchange, the Ministry of Economy has specified the task with the regulators. But in my opinion, they should interact more with the private sector and it is very important to specify the approach of each law.
Rod continues: Some laws are only restrictions, such as the anti-trafficking law, but some laws also have a developmental approach. There should also be a developmental approach in the field of cryptocurrency laws, but this part of our legislation is weak and it needs to be strengthened. A more developed and far-sighted look is felt.
The CEO of Nobitex also explains in the context of the roadmap: from the point of view that the central bank has written this document, it is a positive thing that the regulator has determined the task, but it is not logical that the legislator has entered the role of the executive in some parts. The central bank should not personally develop the tools, but it should open the space for the private business to develop the tools.
Iran is a sanctioned country and the blockchain system is transparent!
According to Rad, Iran is one of the embargoed countries anyway, and Iranians’ assets are always subject to being blocked. He explains: This issue should be taken into consideration by both users and exchanges, and they should be aware of security points. Anyway, Iran is an embargoed country and blockchain is a transparent system, users and exchanges may be able to reduce this risk with some work, but the risk will never be zero. We live in a country under sanctions and we live with this risk anyway.
Once upon a time, Iran had a 10% share in Bitcoin mining, if now the government is also in this way. prepare the infrastructure, it can be counted on under 5 billion dollars. Provided that the infrastructure is provided. Now, in neighboring countries such as the UAE, one billion dollars is invested in this field. We also had golden days in this market, but unfortunately we have fallen behind the market due to the delay in issuing licenses.
No Comment! Be the first one.