Cryptocurrency markets

Iran wants to legalize Bitcoin following El Salvador

Iran wants to legalize Bitcoin following El Salvador
El Salvador has laid down a real trend in the adoption of cryptocurrencies. President of the Islamic Republic of Iran Hassan Rouhani also proposes to legalize cryptocurrency as soon as possible, saying at a meeting of the Government's Economic Coordination Council:
"To legalize the activities of cryptocurrencies and protect the capital of people in this area, we must think about a solution as soon as possible, develop and pass the necessary laws and regulations."
Iran wants to legalize Bitcoin following El Salvador

Iran wants to legalize Bitcoin following El Salvador

So far, Iran does not have the necessary regulatory framework for the adoption of cryptocurrencies, however, if you analyze the direction in which the country developed last year, one could come to the conclusion that sooner or later the possession of Bitcoin in Iran will become the prerogative of the state.
Last year, Iran passed several laws that showed this: approving Bitcoin as a means of payment for import and export in a country under economic sanctions, as well as fighting illegal mining and completely banning unregistered activities of this kind.
Iran has been attracting Chinese miners since 2018, due to the hostile mood within the Celestial Empire towards this type of activity. However, in 2020-2021, problems with the freedom of mining were revealed in Iran as well. The country has suspended mining in the country until September, claiming that it cannot cope with the energy consumption of this growth. Iranian President Hassan Rouhani later commented that the Ministry of Communications and Information Technology and Energy is responsible for the power outages in mining centers and that cooperation between news and mining agencies should be established.
"Responsible capital markets agencies should work with the media and cyberspace to inform, educate and raise public awareness of this phenomenon, its regulations and laws."

Presidential elections will be held in Iran next week, and the head of state and his administration are likely to change. However, now it is already known that Bitcoin is included in the list of the country's strategic interests, and this means that there will be no negative attitude towards it from the new leadership either.

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