Iran to Fully Legalize Cryptocurrency in Near Future

The Iranian Financial Tribune reports today that it is likely that Iran will fully legalize cryptocurrency in the near future. In April of this year, the country’s central bank issued an outright ban on all cryptocurrency, followed by a censorship campaign launched against exchanges in July.

However, as reported last week, increasing economic pressures and the threat of U.S. sanctions are driving the Iranian government to seek alternative means for supporting its economy. One preliminary idea has been for a state-backed cryptocurrency. When asked about this, Directorate for Scientific and Technological Affairs of the Presidential Office Alireza Daliri confirmed, “We are trying to prepare the grounds to use a domestic digital currency in the country. This currency would facilitate the transfer of money (to and from) anywhere in the world. Besides, it can help us at the time of sanctions.”

It now appears that Iran has no intention of limiting its involvement in the cryptosphere to just a state-backed currency. According to the Tribune, Abolhassan Firouzabadi, head of the High Council of Cyberspace, who was formerly in opposition to cryptocurrencies, has recently said that cryptocurrencies will “probably” be legalized in Iran in the near future:

“The final decision has not been made yet, but a working group in the Majlis Social Commission is studying it to establish online exchanges for virtual currencies, mining of virtual currencies and what currencies will be declared legal.”

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