There is no Bitcoin in Iran, but a digital currency why not

Iran will not recognize Bitcoin and other cryptocurrencies as a means of payment. So said a senior government official. His statement came when the Central Bank of Iran announced rules for theissuance of digital currency in the country. This refers to yours MNBC, the “cryptorial”. The pilot phase should start very soon.

There are no cryptographic payments for Iran

Cryptocurrencies like Bitcoin will not have it is not of legal course in the Islamic Republic of Iran. In discussing regulatory issues related to the storage and exchange of cryptocurrencies, Iranian Deputy Minister of Communications Reza Bagheri Asl effectively stated that he does not recognize any legal status for “cryptocurrency payments”.

The government official was commenting on the latest resolution of the Digital Economy Working Group on Cryptographic Assets. He noted that the use of any foreign currency is out of sovereignty and against the monetary and banking law of Iran.

“Thus, in no way will we have regulations that recognize payments with cryptocurrencies that do not belong to us. Iran has its own national cryptocurrency, so no payments will be made with non-national cryptocurrencies. »

Reza Bagheri Asl, Iranian Deputy Minister of Communications

Bitcoin and cryptocurrencies will not replace the rial in Iran.

The Deputy Minister added that in order to prevent risks for Iranian citizensa set of rules similar to those applied to the stock exchange and foreign currencies will govern the exchange of digital assets in the country.

“Cryptocurrencies must be regulated and banking systems must be studied. »

Reza Bagheri Asl, Iranian Deputy Minister of Communications

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The Central Bank presents the Digital Rial

In the past, Tehran authorities have considered allowing Iranian companies to use decentralized digital currencies. Agreements with foreign partners in order to evade Western financial sanctions they were then the main goal of the process. However, they are currently focusing on launching the digital version of the national fiat currency, the rial.

In fact, the Central Bank of Iran (IWC) recently informed banks and other financial institutions of regulations related to “cryptorial”. This MNBC is it has been in development for a long time now. The CBI will be its sole issuer and will also determine the maximum bid.

Authorized and capable financial institutions implement smart contracts will be responsible for maintaining this digital currency, which is also based on blockchain technology. MNBC’s infrastructure and guidelines are in place. The first tests are on the launch pad.

Iran is working on its own MNBC, the cryptocurrency, and is declaring war on Bitcoin and other cryptocurrencies.
Iran is building its own MNBC. Crypto Rial is ready to exploit Bitcoin!

The cryptocurrency will be issued in accordance with the legal provisions governing the issuance of Central Bank notes, according to the report. The CBI will follow up the economic impact of digital currency and manage its effects in accordance with the monetary policy of the Authority. As a result, users will only be able to transact with MNBC in Iran.

Cryptocurrencies are enjoying a growing popularity in the Islamic Republic. Indeed, Nearly 12 million Iranians have cryptography. Some officials, opposed to restrictive policies, insist that they could push the innovations represented by blockchain technology to the brink. Limitations will rob opportunities in the nation, Iranian fintechs warned last year. They also noted that local businesses have succeeded evade economic blocking with crypto transactions.

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