7.4 C
Tuesday, March 28, 2023

Iranian Association Calls for Stable Crypto Regulation

Iranian Association Calls for Stable Crypto Regulation – Since the Iranian government is now formally accepting cryptocurrency as payment for imports, the association of importers in Iran has emphasized the necessity for a robust legal framework for cryptocurrencies. A government official predicted that “by the end of September, the usage of cryptocurrencies as well as smart contracts would be widespread in foreign trade with target countries.”

- Advertisement -

The chairman of Iran’s Importers Group & Representatives of Foreign Companies (Imports Association), Alireza Managhebi, expressed his concerns over the country’s crypto legislation on Saturday, according to local media.

He emphasized that in order for cryptocurrencies to be successfully used as a form of payment for imports, a reliable regulatory framework for them must be put in place. Managhebi noted that cryptocurrency can be helpful in this area with the proper legislative framework.

“The main concern is whether the Iranian government has set definite guidelines for using cryptocurrencies that won’t change for several months, and in the interim enterprises working in this digital space will not be affected,” he stated.

People Also Read: Bitfinex to Donate $1.3 Million Worth of BTC and USDT to Communities in El Salvador

- Advertisement -

Managhebi pointed out that the Iranian government recently announced that cryptocurrencies will henceforth be accepted as official payment for imports. He stressed, however, that it is not entirely right to claim that this would immediately end the dollar’s dominance in Iran because both the dollar and cryptocurrencies have their own markets there.

The official of the association stated:

“It is absolutely necessary to educate and train people to use this new technology in Iran as well as have stable regulations in this regard.”

The first official import order using cryptocurrency was successfully placed, according to Alireza Peymanpak, vice minister of Iran’s Ministry of Industry, Mine & Trade and head of the nation’s Trade Promotion Organization (TPO). The usage of cryptocurrencies as well as smart contracts would be pervasive in international trade with target countries by the end of September, he stressed.

- Advertisement -


Please enter your comment!
Please enter your name here

More From Evoclique