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After Russia’s groundbreaking steps toward cryptocurrency regulation, Iran has announced its own initiative to establish clear guidelines for the crypto sector. The Iranian Finance Minister, Abdulnaser Hemmati, emphasized that the government’s goal is to regulate, not restrict, cryptocurrencies, signaling a significant shift in their approach.
A New Chapter for Crypto in Iran
Historically known for its restrictive stance on cryptocurrencies, Iran has permitted limited mining activities but remained cautious about broader adoption. However, this new regulatory push marks a departure from its previous policies. Speaking on the matter, Hemmati stated, "We aim to regulate cryptocurrencies to eliminate their negative effects, while fostering opportunities for youth employment and economic growth."
In a bold move, the minister also confirmed that the Iranian central bank will no longer exercise control over cryptocurrencies, paving the way for broader usage and innovation within the country’s financial ecosystem.
A Tool Against Sanctions
Iran sees cryptocurrencies as a potential means to circumvent Western sanctions, particularly those imposed by the United States. As Hemmati highlighted, the use of decentralized currencies could enable the country to facilitate international trade without relying on traditional financial systems heavily influenced by Western powers.
Crypto in Trade: A Proven Concept
Iran has already tested the waters with crypto-based trade. Two years ago, the country conducted an import transaction valued at $10 million using cryptocurrencies. While details remain scarce, this development showcases Iran’s willingness to embrace digital currencies for strategic purposes.
Regional Trends: Russia and Iran Pave the Way
Like Iran, Russia has also shifted its stance on cryptocurrencies, implementing regulations that encourage crypto use in trade. Both countries, heavily impacted by Western sanctions, are exploring cryptocurrencies as a means to enhance economic resilience, particularly in their oil and gas transactions with Eastern markets like China.
Iran’s latest move not only signals a more progressive attitude but also aligns with a broader trend of countries in the East leveraging crypto to reduce reliance on traditional financial systems.
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