Members of Iranian Parliament ask for friendlier crypto regulations

The Majlis Economic Commission asks especially for crypto trading that still isn’t allowed in the country

Through a report that was presented last week to the legislature of Iran, members of the parliament urged for better cryptocurrency’s regulations in order to improve the country’s policies on the matter. They argued that the current stand is restrictive and even presented a study developed by the group to endorse their point. 

According to Gholamreza Marhaba, member of the Majlis Economic Commission, studies showed that 50% of crypto activities are in the informal market. 

“This is while supportive regulations can help enhance contribution of the digital currency to the economy”

-Gholarmreza Marhaba 

Today, crypto mining is authorized for entities that are under the Ministry of Industries, Mining and Trade regulation as well as minting of digital coins that were also recognized as industrial activity back in 2019. 

However, the actual trading isn’t allowed with the only exception of banks and licensed money changers to pay for imported products with cryptocurrency. 

For the members of the Majlis, this regulation would help resolve questions tormenting Iran for a while now.

The energy sector would have great impact with crypto’s activities regulation once it would be a great mechanism to connect crypto miners with power plants owners. 

It would allow miners to buy electricity they will use through the official Iran Energy Exchange or directly from local and foreign producers, as well as “barter deals” in which mining companies could also pay the energy they use with their own mined currencies and then sell them at “reasonable rates” set by the Central Bank of Iran.

The Iranians’ claims are legit since cryptocurrencies’ adoption could really have positive effects once it’s done. The energy solution can be added to financial impacts when miners and investors start to have friendlier regulations to act on and to develop their activities, bringing more revenues to the country. 

Iran represents one more nation to show interest in cryptocurrencies’ legislations and regulations in order to provide more legal infrastructure so the populace can work with. 

The example of El Salvador, Ukraine and other countries are starting a flame that can potentially grow into a fire, expanding through nations worldwide and proposing solutions to questions that centralized economies couldn’t solve.