Regulation Newsاخبار ایران

Member of Parliament Opposes Digital Currency Legislation: ‌ Cannot Legislate on a Subject of Foreign Origin

Mohammad Hassan Asfari, a member of the parliament’s internal affairs commission, has said that a law on digital currencies is not going to be passed and that this issue is not on the agenda of parliamentarians.

According to digital currency and to Quoted From Bazaarnews, Mohammad Hassan Asfari, a member of the Internal Affairs Commission and the councils and the representative of the people of Arak in the Islamic Consultative Assembly, said regarding the latest situation of digital currencies in the country:

The issue of cryptocurrencies is an important and at the same time serious challenge in the country, because so far a large number of people have entered this emerging and ambiguous market, and in the meantime, they have suffered huge losses. There are now several hundred cryptocurrencies operating in the country, none of which, ironically, have a legal aspect in the country, and no law governs these cryptocurrencies.

A member of the Internal Affairs Commission and the councils explained:

Most digital currencies are based abroad and none of them are sourced domestically. Currently, some cryptocurrencies have been able to have a good warmth inside the market and have taken action, but others have not been able to achieve for their customers. Among these hot markets, these are ordinary people who have suffered huge losses.

He added:

Some cryptocurrencies have suddenly risen in price from one thousand euros to 10,000 euros over a period of time, and after such an unrealistic price increase, they have refused to give profits to the people. This issue has caused many people to suffer.

The representative of Arak said:

Nowadays, the issue of digital cryptography has become an issue such as the stock market. At that time, people listed the shares of some companies at a low price and unrealistically increased the value of the shares of the same companies. They did not, or they entered this field greedily, they suffered heavy losses, and at the moment, no one has a legal answer to this issue.

In response to the issue of drafting a law to systematize cryptocurrencies in the country’s economy, Asfari said:

By no means is a law to be passed on this issue, and such a thing is not on the agenda of the parliament. Of course, this issue is raised in the parliament, but in reality, the members of parliament do not want to give a legal aspect to the issue of cryptocurrencies.

A member of the Internal Affairs Commission and the councils emphasized:

How to legislate for an issue that originates abroad. The parliament can only legislate for what is inside the country.

Asfari explained:

At present, the law can only be passed for the power consumption of digital currency extractors. Legal legitimacy is not possible for the activities of those who exchange cryptocurrencies in the form of exchanges, because in the end, if the people are harmed, it is the government and the government that must be held accountable, and the parliament will not agree to such a thing.

He further noted:

Therefore, it is not advisable to pass a law for an issue such as digital currencies, and if a law is to be passed, the dimensions of the costs of producing and extracting digital currencies should be considered.

The representative of Arak said in the end:

I believe that intelligence and security organizations and other bodies should get involved in the issue of digital currencies, because there are some people in this field who are engaged in brokerage and business. Some cryptocurrencies are known, but others are unknown. In the meantime, only traders in this field were able to make huge profits by manipulating the cryptocurrency rate, and ordinary people have suffered huge losses.


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