A new cryptocurrency and blockchain association has been formed in Iran.

In Iran, a newly formed crypto business group has begun operations under the auspices of the country’s chamber of commerce. Its administration wants to assist in removing barriers to its members’ participation while also supporting the use of blockchain technology in the sanctioned nation’s economy.

According to the English-language business newspaper Financial Tribune, the newly founded Iran Blockchain and Cryptocurrency Association (IBCA) has begun operations under the supervision of the Iran Chamber of Commerce, Industries, Mining, and Agriculture (ICCIMA). According to the magazine, the IBCA is the chamber’s first associated group dealing with the difficulties confronting Iran’s expanding blockchain ecosystem.

Mohammad Reza Sharafi, a member of the association’s board, announced the start, expressing optimism that the IBCA would be able to remove barriers encountered by firms in the crypto area and employ blockchain technology in the benefit of the Iranian economy. Sharafi also expanded on the Way2pay internet portal:

There are a variety of issues related to the development of the innovative technology in Iran. Concerted efforts have been made to maximize the benefits of this sector for the economy… We need to work closely to ensure the use of the potential of the technology without monopolizing it.

According to the organization’s spokesman, the ICCIMA granted authorization for the formation of the new group last year. However, the launch was postponed for a variety of reasons, not the least of which being a change of leadership in Tehran. Mohammad Sharafi is certain that working under the supervision of the chamber would provide possibilities to address significant difficulties in the industry, particularly those related to regulations.

Iran Blockchain Association (IBA), a previously active business organisation, was created in 2017 as a nonprofit, self-governing society of entrepreneurs, professionals, and activists participating in the development of the fast emerging technology. The Ministry of Interior terminated IBA’s operations in June of this year for allegedly violating its own articles of association.

The decision was made after Iranian legislator Rahim Zare accused non-government crypto groups of sending foreign currency funds outside of the Islamic Republic. The IBA rejected these assertions, which were not supported by any evidence.

Iran’s cryptocurrency market is mostly uncontrolled. The Central Bank of Iran (CBI) enabled domestic banks and money exchangers to use locally produced cryptocurrencies to pay for imports to the sanctioned country in April, but officials have been cracking down on coin trading and cryptocurrency payments in the country.

Patrick

Coincu News