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Iran has changed its strategy towards digital currencies and decided to regulate rather than limit the cryptocurrency industry.
The decision was announced by Minister of Economy and Finance Abdulnasser Hemmati at a national event in Tehran, stating that it aims to minimize the risks associated with cryptocurrencies while maximizing their benefits. Ta.
The country's central bank will be responsible for managing all digital assets. From setting the regulatory framework and helping financial institutions adopt digital assets, to monitoring transactions and ensuring compliance, everything is up to central banks.
It has already published a series of guidelines on tax compliance and anti-money laundering.
Currently, Iranian investors hold between $30 billion and $50 billion worth of crypto assets, which is about one-third of the company's total gold market.
Important decision timing
The timing of this decision could not have been better. Hemmati believes this has several benefits.
Attract domestic and foreign investors Create more job opportunities and promote youth employment Integrate Iran into the global economy and gain access to a wider range of financial services (those that only allow crypto trading) simplify
But there is one big reason that trumps all others. It is protection from sanctions. As Donald Trump prepares for his second term in the White House, Iran must brace itself.
When President Trump first became president, he withdrew from the Iran nuclear deal. One of the reasons he cited was that the deal was unilateral, primarily benefiting Iran, and did not bring much of the peace promised to other countries.
Note: The Iran Nuclear Deal, also known as the Joint Comprehensive Plan of Action (JCPOA), is a landmark agreement between Iran and the world's superpowers (including the United States) that requires Iran to dismantle its nuclear program. and promised to tolerate other nuclear programs. Countries demanded stricter inspections of nuclear facilities in exchange for billions of dollars worth of sanctions relief.
Will the US impose sanctions?
The reinstatement of sanctions hit Iran's economy hard, and the country has been in trouble ever since. So now that President Trump has returned, there are rumors that he may impose further sanctions and reinstate his so-called “maximum pressure” policy against Iran.
It seems unlikely that this policy will be revived. JPMorgan analyst Arun Jayaram said imposing additional sanctions on Iran would have a severe impact on global oil supplies, potentially removing around 1 million barrels of oil per day from the supply chain. said. But since we don't know about President Trump, Iran wisely decided to sit back.
Iran has also made other compromises. For example, the United Nations declared on Tuesday that Iran has decided to stop producing enriched uranium, which can be used to make bombs.
Additionally, Iran's new president, Massoud Pezeshkian, has previously said that his main goals this term are to establish friendly relations with Western countries, ease sanctions, and restore “normality” to the Iranian people.
