Iran Wants to Develop a Cryptocurrency Framework

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Hassan Rouhani, the president of Iran, has just announced the country is exploring the possibility of developing a legal framework aimed at regulating cryptocurrencies.

In a meeting of the Cabinet’s Economic Coordination Board held yesterday, Rouhani said it is necessary to create a legal framework in order to protect the national interests:

“For legalizing the activity of cryptocurrencies and protecting people’s capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions.”

We should remember that cryptocurrency mining is temporarily banned in the country to prevent power outages in summer, when the demand for electricity increases.

The president wants the country to develop its own regulatory framework for cryptocurrencies with the collaboration of different parties, including “responsible agencies in the field of capital markets, the media and cyberspace.”