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With US sanctions having a toll on Iran’s economy and financial system, Iran is now moving closer to adopt crypto currencies at the state level. For now, the Iranian government already accepts licensed crypto trading but forbids the use within the country.
In a recent move, the government regulators at the Central Bank of Iran came out with a detailed draft on its crypto currencies policies. The draft reversed a ban on licensed trading, with a clear sign that the country is opening up to the possibility of using crypto currencies on the larger extent to escape the effects of US sanctions.
However, the use of the cryptocurrencies is still banned in Iran for now according to the initial draft. It is still an initial draft as the website where it was released referenced it as Version 0.0. The draft is prepared in a bid to provide a clear framework for crypto use and adoption in Iran.
The Central Bank of Iran made the announcement about the draft and the proposed changes to their framework related to crypto currencies during the Electronic Banking and Payment System conference. Before the announcement, it was already rumored that Iran, in the face of the tough sanctions, would soon recognize and accept crypto as means of payment and asset transfer.
In addition to allowing licensed crypto trading, the draft also allows ICOs tokens, crypto mining, crypto wallets, and crypto exchange bureaus to operate within the country.
So, are there still any prohibitions? Yes, you still can’t use crypto currencies until this draft is finalized and approved by the government. In addition, there have been mixed reactions inside Iranian crypto-community, who want the ban lifted as soon as possible yet were positively surprised by this draft and believe that it will help establish long term viability in the country.