The Middle East seemed to be taking down crypto while the rest of the world embraced it. Similar to Turkey, Iran could be banning payments in cryptocurrencies like Bitcoin [BTC].
With the cryptocurrency industry growing beyond expectations, governments across the globe started regulating it. Just as individuals have been taking a deeper look into these assets, officials wanted to jump on to the bandwagon. While the crypto scene in various countries remains uncertain, a few other regions have decided to ban these assets.
For several months now, Iran has been trying to regulate the crypto-verse. The government seemed to have decided to ban payments in crypto while supporting mining and other aspects.
Iran’s crypto regulations
As per a news portal, Iran’s Economic Commission had reportedly drafted a plan titled, “Support for cryptocurrency mining and organizing the domestic market for exchanges.” At the same time, this bill gives the Central Bank of Iran the supreme power to regulate the exchange of crypto across the country.
With great power comes great responsibility. The aforementioned committee decided that it was best to prohibit the citizens of Iran from engaging in crypto-related payments. The bill reportedly suggested that Iranians were obligated to use one “national” currency instead of cryptocurrencies.
This did not seem to interfere with the mining farms in the region. The bill was all in for crypto mining. However, any platform that wished to indulge in crypto mining had to seek the approval of the Ministry of Industry, Mine, and Trade.
With China’s big crypto takedown, crypto mining firms have been migrating to different places. Just last week, Iran’s Ministry of Industries, Mining, and Trade issued licenses to about 30 crypto mining farms.
Previously in April 2021, Turkey went on to ban payments in crypto. The announcement from the Turkish government read,
“The purpose of this Regulation is not to use crypto assets in payments, not to use crypto assets directly or indirectly in the provision of payment services and electronic money issuance, and payment and electronic money institutions to platforms that offer trading, custody, transfer or issuance services for crypto assets or It is the determination of the procedures and principles regarding not mediating the fund transfers from these platforms.”
Iran could be mirroring a similar notion.