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A high-ranking government official has indicated that the Islamic Republic of Iran will not recognize cryptocurrencies as legal tender.
While the Central Bank of Iran announced rules for the issuance of digital coins in the country, Iran’s deputy minister of communications, Reza Bagheri Asl said:
“We do not recognize payments with cryptocurrencies.”
As reported by Iranian financial news portal Way2pay, the new rules are intended for Iran’s own ‘crypto trial,’ which will commence in the near future.
Commenting on the latest resolution by the Digital Economy Working Group on crypto assets, the deputy minister stressed that the use of any foreign currency is outside the sovereignty and against the monetary and banking law of Iran. He explained:
“So, we will by no means have any regulations recognizing payments with cryptocurrencies that do not belong to us.
Iran has its own national cryptocurrency, so no payments will be made with non-national cryptocurrencies”
Bagheri Asl said that digital asset exchanges in the country can expect similar guidelines as those that apply to the stock market and other currencies, noting the government’s duty to protect the Iranian citizens from risks. Asl said:
“Cryptocurrencies must be regulated and banking systems must be observed.”
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Three months ago, Iranian local media reported that the country authorities have given the green light to allow cryptocurrencies for business transaction settlements with foreign based partners.