Michaela Alvez
Iran Minister of Economic Affairs and Finance, Abdolnaser Hemmati, has announced plans to implement a regulatory framework for cryptocurrency, opting against imposing blanket restrictions.
Speaking at a national event on digital currency, Hemmati emphasized that leveraging digital assets could help address economic challenges, including U.S. sanctions, while also creating job opportunities for the country’s youth.
Hemmati cited that cryptocurrencies fall under the authority of the Central Bank of Iran (CBI), which is working on developing a comprehensive regulatory framework for the sector.
The CBI recently introduced its Policy and Regulatory Framework for Cryptocurrencies, which includes new requirements for crypto brokers and custodians to obtain licenses.
The newly introduced framework places a strong emphasis on ensuring compliance with key regulations, including anti-money laundering (AML) laws, counter-terrorism financing (CTF) measures, and local tax policies.
According to local reports, Hemmati emphasized that the Iranian government aims to minimize the negative effects of cryptocurrencies on the economy while simultaneously working to harness their potential benefits for economic growth and stability.
CBI Governor Mohammadreza Farzin stressed the need for close collaboration between the CBI and the Ministry of Economic Affairs to develop comprehensive and effective policies for the country’s cryptocurrency sector.
Farzin echoed the views of Hemmati, describing cryptocurrencies as valuable tools that could enhance national assets, integrate Iran more effectively into global economic systems, and provide a means to circumvent international sanctions.
BRICS Embracing Crypto
In recent years, BRICS countries have demonstrated growing interest in cryptocurrencies as part of a strategy to reduce their reliance on the U.S. dollar and bolster economic sovereignty.
Among these nations, Russia, Brazil, and South Africa have been the most proactive in adopting cryptocurrency and blockchain technology. One of the most notable developments came when BRICS members began discussing the creation of a common currency, potentially backed by digital assets or blockchain technology.
Russia and China have led this push, with the latter piloting its central bank digital currency (CBDC), the digital yuan. Meanwhile, Russia has been exploring the use of cryptocurrencies like Bitcoin in international trade.
The growing adoption of cryptocurrency by BRICS countries could have significant implications for the dominance of the U.S. dollar in global trade. The increasing use of digital currencies within BRICS could provide these nations with an alternative means of trade, bypassing the U.S. dollar and reducing their exposure to dollar fluctuations and U.S. monetary policy.
Read More
- Russia Crypto Tax: New Bill Impacts Miners and Traders
- China Tech Sector Embraces Bitcoin, Raising Questions About Crypto Policy Shift
- US Lawmakers Urge Biden Admin to Strengthen Crypto Regulations Amid Concerns Over Iran
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
