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Friday, September 30, 2022

Iran Launches New Crypto and Blockchain Association

Iran Blockchain and Cryptocurrency Association (IBCA) has started operating under the supervision of Iran Chamber of Commerce, Industries, Mining and Agriculture (ICCIMA),

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Daily Financial Tribune reported that under the management of Iran Chamber of Commerce, Industries, (ICCIMA) a newly established, Iran Blockchain and Cryptocurrency Association (IBCA) has started operating.

Mohammad Reza Sharafi, member of the association’s board announced The launch of Iran Blockchain and Cryptocurrency Association (IBCA), he expressed hope that the IBCA would be able to remove hurdles faced by local businesses in the crypto ecosystem.

According to Daily Financial Tribune, the IBCA is the first organization affiliated with the chamber that is dealing with challenges facing Iran’s growing blockchain ecosystem.

Sharafi  elaborated:

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.

Mohammad Sharafi expressed hope that working under the chamber’s management will create opportunities to address key challenges in the sector, in particular those related to regulations.

Iran’s previously founded association in 2017, Iran Blockchain Association (IBA), was suspended in June 2021 by the Ministry of Interior after Iranian lawmaker Rahim Zare accused non-government crypto organizations of transferring foreign currency funds outside the Islamic Republic. IBA was as a nonprofit, self-governing society of entrepreneurs, experts, and activists involved in the development of the growing technology.

Central Bank of Iran (CBI) in April permit local banks and money exchangers to use locally mined cryptocurrencies to pay for imports but authorities have been going after crypto coin trading and crypto payments in the country.

Local Fintech companies warned that, restrictions on cryptocurrency trade would deprive Iran of opportunities. Iran’s crypto market remains largely unregulated. Crypto mining recognized as a legal industry in 2019 is currently the most regulated sector.

 

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