Iran will not recognize cryptocurrencies as a means of payment, government official says.
His statement came as the Central Bank of Iran announced rules for the issuance of digital coins in the country. These are meant, however, for its own “crypto rial,” the pilot phase of which should start in the near future.Cryptocurrencies like bitcoin will not be treated as legal tender in the Islamic Republic of Iran.
“So, we will by no means have any regulations recognizing payments with cryptocurrencies that do not belong to us,” Bagheri Asl elaborated, quoted by the Iranian financial news portal Way2pay. “Iran has its own national cryptocurrency, so no payments will be made with non-national cryptocurrencies,” he insisted.
The deputy minister added that in order to prevent risks for the Iranian citizens, digital asset exchange in the country will be subject to a set of rules similar to those that apply to the stock market and other currencies. “Cryptocurrencies must be regulated and banking systems must be observed,” he added.
The Central Bank of Iran has recently informed banks and other credit institutions about regulations related to the “crypto rial,” which has been under development for some time. They apply to the minting and distribution of the central bank digital currency . The CBI will be its sole issuer and will determine the maximum supply.
According to Way2pay, the digital currency is based on a distributed ledger system that will be maintained by authorized financial institutions and capable of implementing smart contracts. The infrastructure and the guidelines for the CBDC have been finalized and it will beThe crypto rial will be issued under the legal provisions governing the emission of banknotes and coins, the report noted.
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