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The plan to “manage the cryptocurrency market” is being considered in parliament


Gholamreza Marhaba, Astara’s representative in the parliament, referring to the development of the cryptocurrency market management plan, said that in this plan, issues such as transparency of cryptocurrencies’ activities from licensing to production and supervision will be considered.

According to digital currency and to Quoted From the Iranian Money Changers Association, the representative of Astara in the parliament, referring to the necessity of confronting any kind of monopoly regarding cryptocurrencies, said:

One of the main problems of Iran’s economy is the issue of monopoly. The main reason for the emergence of monopoly and rent relations in the economy is often due to delays in legislation and lack of scientific knowledge of new phenomena. If Iran’s economy can react to economic phenomena at the right time, the field of monopoly and rent in the economy will be greatly reduced.

Hello also said:

The issue of cryptocurrencies is a fact that has emerged in the global economy today and various countries are trying to create appropriate solutions to deal with this phenomenon. Basically, one of the key features of the efficiency of management structures is the abilities they show in the face of emerging phenomena.

Noting that the 11th parliament has long asked the government to submit a bill on cryptocurrencies, he said:

Despite this demand, and in a situation where the speed of developments in the field of cryptocurrencies is very high and a wider range of Iranian investors are attracted to this market, a reliable law, regulation and directive regarding cryptocurrencies has not been provided yet.

The head of the currency committee of the economic commission of the parliament said:

Accordingly, a plan in the Economic Commission entitled “Market Management of Cryptocurrencies” is under consideration to see a set of issues related to activities in this field in the form of a legislative package. The plan includes the tasks of the Ministries of Energy, Communications, Economy, Information, as well as the Central Bank and other relevant departments, and will try to make the best decision using the expert views and opinions of market participants.

Hello, referring to the importance of recognizing the various angles of blockchain technology and cryptocurrencies, he reminded:

I believe that cryptocurrency technology is an opportunity to end US dollar hegemony, given that the United States is relying on the capabilities of the dollar to try to pressure independent countries such as Iran through currency and banking sanctions. In fact, Ramzarz is a phenomenon that can greatly undermine this monetary and financial hegemony.

The representative of the people of Astara stated:

Instead of dealing negatively with the issue of cryptocurrencies, this phenomenon should be seen as an economic opportunity. Because cryptocurrencies, on the one hand, are virtual in nature and, on the other hand, are created based on software capabilities and energy capacities, they are fully compatible with the economic environment and sanctions conditions of our country. Iran can use the cryptocurrencies’ capacity to circumvent sanctions and invest in developing its infrastructure.

He added:

In the current situation, many miners are operating illegally. According to some narrations, about 4% of the country’s energy consumption is spent on miners to extract ciphers, which is a high figure. In addition, in such economic activities, decisions should be made on issues such as how to collect taxes, systemic monitoring, how to calculate energy prices and other issues related to the extraction of cryptocurrencies.

Hello said:

We are currently in a state of uncertainty, neither this phenomenon is completely prohibited nor is there a law for normal activities. The experience of Iran’s economic activities over the past decades has shown that placing economic and strategic issues in a suspended space will only lead to the undergrounding of the cryptocurrency economy, the creation of monopolies and the development of rent-seeking relationships in this new industry.

The head of the currency committee of the economic commission, referring to the experience of previous years regarding the abandonment of credit institutions, said:

This lack of practical planning caused these institutions to become a serious problem in the country’s economy, and a significant part of the country’s budgetary capacity was spent at a certain point to solve and refer to the problems arising from them. This experience should not be repeated in the case of cryptocurrencies and any other monetary and financial phenomena.

Hello in the end, he noted:

Accordingly, the Economic Commission of the Parliament seeks to approve the management plan on the cryptocurrency market to determine the various dimensions of the issue based on a legal roadmap. In this plan, issues such as transparency of cryptocurrencies from licensing to production and supervision will be considered. How to use and calculate the price of energy, how to convert cryptocurrencies into ordinary currencies and other necessities that should be considered in this regard will be discussed in the Economic Commission of the parliament.

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