The Iranian Finance Minister stated that the government plans to regulate cryptocurrencies rather than restrict their use.
The Iranian government hopes to embrace crypto assets by increasing more regulatory measures rather than imposing a complete ban, said Economic Affairs and Finance Minister Abdolnaser Hemmati.
According to reports from Iran's state news agency Nour News, Hemmati stated at a national event on Saturday that the government aims to eliminate the negative impact of cryptocurrencies on the economy while harnessing their positive effects. The minister added that digital currencies fall under the jurisdiction of the Central Bank of Iran.
Hemmati expressed his desire to see cryptocurrencies used to promote youth employment in Iran, help combat U.S. sanctions, and align the country's activities with the global economy.
On the same day, the Central Bank of Iran released a new document outlining its upcoming cryptocurrency policy arrangements, according to Nour News. These forthcoming policies aim to assist crypto traders in complying with local tax and anti-money laundering laws.
According to reports, the estimated value of cryptocurrency assets currently held by Iranian investors is between 30 billion to 50 billion dollars, said economist Mohammad Sadegh Alhosseini. This is roughly equivalent to one-third of the country's entire gold market.
This statement from the Iranian government comes as expectations rise for U.S. President-elect Donald Trump to create a favorable regulatory environment for cryptocurrencies.
Since taking office again last month, Trump has appointed several candidates who support cryptocurrency to handle various tasks during his upcoming term, and recently appointed longtime cryptocurrency supporter Paul Atkins as chairman of the Securities and Exchange Commission.
