Over 12 millions Iranians own cryptocurrency

Cryptocurrencies are a popular investment among Iranians, and estimates suggest that as many as 12 million people own one or more coins. According to the CEO of one of these exchanges, the majority of Iranian traders prefer the services of local crypto exchanges.

Despite the lack of proper rules for most of the crypto space and the government’s stance on the matter, an increasing number of Iranians have invested in decentralized digital money in recent months and years. According to Hamed Mirzaei, CEO of Bitestan, one of the country’s crypto exchanges, “an estimated seven to twelve million Iranians own cryptocurrencies.”

“Iranians‘ daily crypto transactions are estimated to be between 30 and 50 trillion rials ($181 million), while there is no regulation over cryptocurrency trade,” Mirzaei was recently quoted in Peyvast magazine as saying. The executive also stated, according to a report by the English-language business portal Financial Tribune:

More than 88% of the deals are conducted via local exchange platforms.

This sum, according to Mirzaei, is greater than the total of all capital market transactions in the Islamic Republic. “Around seven to twelve million Iranians own cryptocurrencies,” the blockchain entrepreneur told Iranian media.

Mirzaei’s remarks come after Iranian officials expressed concerns earlier this year about crypto assets attracting capital from traditional markets. In early May, digital coin trading platforms were accused of taking advantage of the stock market’s volatile state, which had seen a significant drop in deals since last summer. The Central Bank of Iran (CBI) advised Iranians to avoid cryptocurrency at the time, warning them that such investments would be at their own risk.

Later that month, the parliament’s leadership requested that the National Tax Administration profile and report on the owners of Iranian cryptocurrency exchanges. The Majlis Speaker, Mohammad Baqer Qalibaf, stated that imposing a ban on crypto trade is insufficient and urged the CBI to develop specific regulations for the sector. Members of the Islamic Consultative Assembly proposed a bill in July aimed at establishing exchange market rules.

Patrick

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