The chairman of the Iran Blockchain Association calls for the establishment of a special council on cryptocurrency law November 4, 2021

According to the main blockchain organization in Iran, the authorities have errors in enforcing crypto laws. The association is concerned about the government shutdown and is offering regulators which they believe are not sufficiently prepared to tackle such a challenging task.

The head of the Iran Blockchain Association (IBA) Abbas Ashtiani said that Iranian regulators like the Iranian Central Bank (CBI) are unable to regulate digital assets. The IBA has requested the creation of an “independent advisor”, according to a report by the Financial Tribune.

Speaking at a press conference on November 2, Ashtiani stated;

“We need a special committee made up of representatives from government agencies and private companies to develop regulations for cryptocurrencies. CBI or Security and Exchange Organization is not eligible [enough] Establish rules for cryptocurrencies based on the multidimensional nature of the problem. “

While Bitcoin (BTC) mining is allowed in Iran, the use of cryptocurrency for payments is not allowed. However, licensed banks and money changers are allowed to use digital currencies created by authorized miners in Iran to pay for imports.

Miners must obtain a license from the Department of Industry and pay their utility bills based on export prices. According to the latest data earlier this year, about 30 companies across the country have obtained mining licenses.

However, concerns about underground mining remain an issue in the country. As Cointelegraph reported on September 29, the CEO of the Tehran Stock Exchange resigned after discovering Bitcoin miners in the basement.

Given the concerns of government officials about illegal activities related to mining and trading cryptocurrencies, Ashtiani said the Iranian Blockchain Association understands lawmakers and is making sure their concerns are resolved:

“We are ready to establish rules that can help ensure that cryptocurrencies have a positive impact on the economy and at the same time reduce crime.”