Iran is resolutely stepping forward to become the first crypto nation in the Middle East. The need to float its economy after the unilateral sanctions imposed by the United States and the intense political and financial pressures exerted against the government has led Hasan Rohani’s team to see in the cryptocurrency salvation for the economy.
The Central Bank of Iran had had a restrictive policy regarding cryptocurrencies; however, necessity led the government to take a second look at these technologies. Recently, the Central Bank of Iran announced a series of regulations for the cryptomarket, inviting experts and enthusiasts to participate in the discussion and refinement of said rules.
This decision was enthusiastically reviewed as positive by the Iran Blockchain Community, an NGO that has been in charge of promoting the adoption of blockchain technologies in the country since 2017.
In statements to the Financial Tribune, Sepehr Mohammadi, president of the IBC’s board of directors expressed his optimism explaining that this new vision can stimulate foreign investment.
He also explained that it was evident the power that cryptocurrencies have to “overcome” any blockage or obstacle imposed by the powerful players inside the centralized fiat system.
“On the whole, I consider CBI policies on cryptocurrency as positive … The fact that the US has proceeded to sanction Iran’s national cryptocurrency before it is launched means that the tool has the capacity to bypass sanctions.”
Iran has accelerated its efforts to implement an official cryptocurrency after SWIFT announced its decision to drop support for Iranian banks. The first announcement of the creation of a stablecoin backed by national currency was viewed positively by the Iranian community, although it was criticized internationally.
However, beyond this system, a few days ago the Central Bank of Iran announced the official issuance of a stablecoin backed in gold, which they hope to be able to use in international transactions. Paymon is already at an advanced stage while the fiat-backed crypto is still in proof-of-concept.