Iranian legislators reject crypto restrictions and require supporting regulations-regulation

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Iranian legislators reject crypto restrictions and require supporting regulations

members of the Iranian Parliament, the Majlis, have expressed concerns about the restrictive policy of Tehran's innovations such as cryptocurrencies. After the publication of a study that recommends a new approach for the crypto industry, the legislator has requested the adoption of friendly regulations.

Iranian MPs require a change in cryptopolitics

according to research

Some parliamentarians in Iran have planned to change the government's regulatory attitude towards cryptocurrencies, and name ways to use them to improve the country's sanctioned and battered economy. "A restrictive approach only drives innovative solutions underground," the spokesman for the Majlis Business Commission, Gholamreza Marhaba, told Iranian media. On the results of the investigation carried out by the Commission on this topic, he also said:

Our studies show that 50% of crypto activities take place in the informal market. At the same time, supportive regulations can help to improve the contribution of the digital currency to the economy.

The authors of the report, which was presented in the Iranian parliament last week, recommend a new approach to regulating the cryptocurrency industry, reported the English -language newspaper Financial Tribune. They believe that the sector can help the Iranian economy suffer from decades of foreign sanctions and mismanagement.

According to the applicable government regulations, crypto mining in Iran is legal for companies authorized by the Ministry of Industry. Mining and trade. The shaping of digital coins was recognized in 2019 as an industrial activity. However, the trade in crypto-assets is not tolerated and the Iranian authorities were Excesses with a remarkable Exception -banks and licensed money changers are allowed in Iran Use currencies to pay imports.

Hadi Nejad, another member of the Majlis, noticed that the government of former President Hassan Rouhani had hesitated to legalize the cryptoandel because he feared that he would attract private investments. The growing popularity of Bitcoin among the Iranians, however, prompted the legislator to make a draft law which suggests that the use of cryptocurrencies in payment transactions are prohibited, but should support mining at the same time.

crypto mining can help Iran to expand its electricity generation capacities

According to the study, mining cryptocurrencies can solve some problems with which the Iranian energy sector is faced with, including financial problems. For this reason, the legislator has proposed that the government should allow miners to buy electricity via Iran Energy Exchange or even directly from local and foreign producers. They also submitted a proposal for the introduction of "exchange transactions", in which mining companies pay the subsidized energy they consume with the digital currency they have funded and can "for adequate prices stated by the Iranian Central Bank". Abei emphasized:

I think there are solutions. We need a mechanism to connect the crypto miner and the power plant owners.

A colleague of him, Ehsan Arkani, added that Iran can accelerate the renovation and expansion of his power plants by promoting the development of crypto mining. He also emphasized the possible use of cryptocurrencies in order to avoid US-led economic sanctions. "Cryptos become an inseparable part of the global financial industry," emphasized Arkani, emphasizing that "political decision -makers must be aware of this technology so that we can benefit from it."

The energy-intensive cryptocurrency mining was held responsible for electricity shortages and power outages throughout Iran during the hot summer months. This spring the then President Rouhani Miner, while the number of disused, illegal crypto farms has now dropped exceeded 5.300. Last month the state -owned Iranian energy supplier, tavanir , said restrictions should be abolished on September 22nd, since the energy requirement with the temperatures.

demands for legalization and proper regulation of the Iranian crypto industry became loud this year. In May the Iranian Parliament to create the legal crypto trade. In June then the Economics Minister of the State The government could not get into the development of crypto technologies. And in mid-August the state of securities The Iranian central bank should be called with the ward Cryptocurrency concerned by the Iranian people.

Do you believe that Iran will establish a more supportive regulatory regime for crypto companies in the future? Share your expectations in the comment area below.

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