Iran’s largest blockchain organization claims that authorities have not been strict enough in enforcing cryptocurrency laws. The association expressed concern about the inactivity of the government and offered its assistance to regulators it felt were not adequately prepared for such a difficult task.
Abbas Ashtiani (head of the Iran Blockchain Association) stated that Iranian regulators like the Central Bank of Iran, (CBI), are not able to regulate digital assets. According to a Financial Tribune report, the IBA requested the creation of an “independent counsel” that would assume responsibility.
Ashtiani spoke at a Tuesday press conference.
To create regulations for cryptocurrency, we need a special council consisting of representatives from both state and private enterprises. Given the multidimensionality and complexity of the issue, the CBI and Security and Exchange Organization do not have the necessary qualifications to make rules for cryptos.
Bitcoin (BTC), though, is allowed in Iran. However, crypto payments are not. Banks and licensed money changers can use the digital currency generated in Iran by authorized miners to pay imports.
The Ministry of Industries must issue a license to miners and they must pay their power bills. These are based upon export pricing. According to data from earlier in the year, around 30 companies have received mining licenses in the country.
Underground mining is still a problem in the country. Cointelegraph reported that the Tehran Stock Exchange CEO, who was shocked to learn about Bitcoin miners in their basement, resigned on September 29.
Ashtiani responded to concerns raised by government officials about illegal activities in the mining and trading cryptocurrencies. He said that the Iran Blockchain Association understood lawmakers and assured them that they will be taken care of.
“We are willing to help establish rules that can help ensure a positive effect of cryptos on economy while minimising criminality.”