The Iranian authority of cyberspace, the Higher Council of Cyberspace (HCC), has affirmed support for any initiative aimed at regulating the use of digital currencies like Bitcoin in the jurisdiction of the country. The council also reiterated the importance of creating and monitoring laws in the country.

 

On the basis of a report by the newspaper Irani Financial Tribune, HCC Secretary Abolhassan Firouzabadi said they welcomed the regulation of Bitcoin and other virtual currencies and that compliance is a must.

 

“We welcome Bitcoin, but we need to have regulations for Bitcoin and any other digital currency … following the rules is a must.”

 

State of the cryptocurrency market in Iran

Bitcoin and other digital currencies are used for various purposes in Iran, despite the lack of laws to regulate their use.

 

According to Firouzabadi, virtual currencies are used in the country in different transactions such as payments, trade and mining. He added that there are already mechanisms that are being implemented by responsible agencies like the Central Bank to control and oversee the supply of digital currencies across the country.

 

“The control and oversight mechanisms for the provision of cryptocurrencies are implemented through the collaboration of the central bank and related entities, but people need to be aware of their risks and dangers on the demand side.”

 

Firouzabadi also said the HCC and the Central Bank of Iran are collaborating on a study on cryptocurrencies in the context of their recent price hikes. He added that the process will continue until a final decision on the issue is accepted.

 

In addition, Naser Hakimi, deputy chief technology officer at the central bank, recently issued a public warning about the risks of using Bitcoin and other virtual currencies. He also warned investors to put their capital at risk if they invest in these assets.

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