Iranian authorities have issued guidelines for the issuance of digital currency in the country, but the rules are only applicable to the country’s central bank’s digital currency, the Digital Rial, and not to cryptocurrencies.
The CBDC’s pilot phase is about to begin, and regulators have stated that they will not acknowledge crypto assets in the country.
Reza Bagheri Asl, Iran’s deputy minister of communications, believes that cryptocurrencies such as Bitcoin will not be accepted as a means of payment or recognized by Iranian law.
He stated,
“We do not recognize payments with cryptocurrencies.”
“So, we will by no means have any regulations recognizing payments with cryptocurrencies that do not belong to us.”
“Iran has its national cryptocurrency, so no payments will be made with non-national cryptocurrencies,” he buttressed.
According to the government official, the authorities were aware of the risks that digital assets posed to residents. Consequently, any form of digital exchange within Iranian borders will have to conform to similar guidelines available in the financial market.
“Cryptocurrencies must be regulated and banking systems must be observed,” the deputy minister added.
The Iranian government earlier stated that they were interested in allowing residents and businesses to accept cryptocurrency payments, however, this has since changed. The government’s focus has shifted to digital Rial.
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