The Islamic Republic of Iran has decided to control and prevent the growth of Cryptocurrencies In Iran. About two weeks ago, Hamed Jafari reported about Iran’s consideration to build a local cryptocurrency sector and update the regulations on the existing Cryptocurrencies, such as Bitcoin. This change in course of decision-making has turned incomprehensible by a lot of Crypto-fanatics and the official-take about the reality is still unclear.
This recent news brings in heavy impact since it was about two weeks ago that International Business Times reported Iran’s stance to introduce the initial coin offerings(ICOs).
Iran possesses the traditional,flat currencies which falls low against dollars and still strives to improve it’s interest rates. The growth of a localized cryptocurrency sector would actually turn beneficial for the rising economy in Iran. Even though an initial consideration of a growing Cryptocurrency sector was approved, recent reports states that Iran is not yet ready to comprehend the economic significance of digital currency.
The report from an independent News channel has, however, stated that Bitcoin was never accepted as a legal tender by Iran’s Central Bank. The validation of any of the news seems dubious now since such contrasting reports are coming up.
The Central Bank of Iran has reported how “wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme [tactics] have made the market of these currencies highly unreliable and risky.” On the contrary to the previously reported news, Iran is now considering, preventing and controlling Cryptocurrencies.
Even though the government seems disapproving of the rising digital economy, reports state that Iranians do have an active interest in cryptocurrencies. The ultimate question, how such misleading global news of economic significance was relayed, is still unanswered. And even if the previously stated reports were truly conveyed by the Iranian Government, what caused the sudden drift of decision to control the growth of local Cryptos?
The final prospect of Cryptos shall asnwer the questions.