Central Bank of Iran Needs to Take Bitcoin Seriously
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Central Bank of Iran Needs to Take Bitcoin Seriously

June 3, 2020      Zain Raza

According to Tasmin news agency, a lawmaker in Iran on Tuesday asked the Central Bank of Iran governor in the parliament to take bitcoin seriously and pay proper attention to it. Mohammad Hossain Farhangi asked governor Abdolnaser Hemmati to get involved and oversight bitcoin as he believes it can be good for the country if handled properly.

Iran has been heavily involved with crypto lately. It placed cryptocurrencies under the existing smuggling laws and the president of Iran Hassan Rouhani asked authorities to come up with crypto mining plan and also suitable regulations needed for its proper growth and development.

But the head of industry and mine committee, Farhangi holds the view that while the current initiative is needed and good, there’s a lot of work needed for proper implementation of bitcoin in the country. The model is far from idyllic and leaves much to be desired. He emphasized that it makes no sense as to why his committee is the one in charge of the crypto stuff when it should be the central bank taking cryptocurrencies such as bitcoin under its wings, as is the case in most countries of the world.

Central Bank of Iran Involvement Perhaps Pivotal 

The crypto development in the country is still premature and with time things would fall in place more. The regulations regarding exchanges are far from perfect too. However the country for the last year or so have been actively trying to get it right, especially after the political tension, it had with the US. Many in the country believe that bitcoin adoption is needed as it is the best way to avoid US sanctions.  If the Central Bank of Iran listen to the advice and start to oversight bitcoin, the plans in place might have a better chance to flourish as it is much better suited to lead the way forward.

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#Bitcoin adoption #Bitcoin Mining #Blockchain News #Blockchain Technology #Central Bank of Iran #Crypto News #Cryptocurrency Market #Iran lawmaker
Zain Raza
Zain Raza

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.