The Government of Iran Prepares to Use Bitcoin in the Country

A research is being carried out by the Iranian government to identify infrastructural and economic aspects required to use Bitcoin in the country. According to the IT ministry, provisions are being created to build the infrastructure for digital currency at the earliest.

Iran Setting Up Infrastructure For Bitcoin Usage

It’s been reported that last week, when Shargh newspaper interviewed Amir Hossein Davaee, Iran’s Deputy Minister of ICT (Information and Communication Technology). He said that

many researches are already being conducted by the information and communications technology ministry to find out and prepare the country’s infrastructure favorable for the use of bitcoin.

He further stated that there are two aspects of cryptocurrency, infrastructural and economic. If they are adopted by Iran, the final result will be beneficial for the country. They are Iran’s prime center who deal with all the technological developments of the country have taken some serious steps to prepare new currency’s infrastructure. He further stated that

the arrangements with concerned organizations are being made to set up infrastructure at the earliest.

While the central bank of Iran believes the business carried out by Bitcoin as “not legal” and this view discourages the local businesses to embrace digital currency. No law has been passed by Iranian government to ban the use of bitcoin as a payment option. At the same time, government of Iran is working on digital currencies’ proposed regulations.

Iranian residents are relying on the local Bitcoins and an Australian-based P2P marketplace, namely Coinava. With its help, Iran’s many buyers and sellers are connected to buy and sell bitcoins directly. Additionally, bitcoin group of Iran is active on Facebook with more than 29,000 members.

Currently, How Iranian Economy Is Affected By Bitcoin?

According to the YJC news agency, all the companies using Bitcoins in Iran are afraid of the related tax laws and have kept themselves away from being identified.

Several questions were asked from Iranian economist Morteza Imani-Rad about the Bitcoin’s influence on the economy of country. He replied that this is illegal money in Iran and transactions through bitcoin are illegal, i.e., legally unrecognizable, so it is not expected to impact Iranian economy. The other thing he believes is that bitcoin’s market cap is very small to support the selling and buying of global oil contracts.

When asked about many websites offering Bitcoin related information are blocked by Iran’s firewall, he said that Bitcoin is hard to install in Iran and hence can’t impact Iranian economy.

However, it’s noticeable that in Iran, many global bitcoin dealers are present who are serving Iranians with forex trading, even when it is not easy to enter the market of forex trading in Iran as it is “very restrictive” here. He further stated:

Bitcoin is continuous and in future, can be more common. In case it happens, the government might be forced to utilize this money, especially when it comes to transferring money through banks to Iran, if it persists as the sanctions’ part.