Iran's Cyberspace Authority Says It Welcomes Bitcoin, If Regulated

NEWS
Sujha Sundararajan
Nov 27, 2017 at 10:10 UTC  |  Updated  Nov 27, 2017 at 10:13 UTC

Iran's High Council of Cyberspace (HCC) has said it "welcomes" bitcoin, with caveats.

According to Irani newspaper Financial Tribune, Abolhassan Firouzabadi, secretary of the country's cyberspace authority, said: "We welcome bitcoin, but we must have regulations for bitcoin and any other digital currency ... following the rules is a must."

Despite no specific regulations for cryptocurrencies in Iran so far, bitcoin is used in the country for payments, trading, mining and various other businesses, he added.

However, the HCC secretary warned:

"Mechanisms of control and supervision over the supply of cryptocurrencies are being implemented through the collaboration of the central bank and related entities, but the people must be aware of their risks and dangers on the demand side."

While the central bank has yet to come up with a definite stance on bitcoin, that will soon be clarified, he said.

Firouzabadi also indicated that the HCC and Iran's central bank have already collaborated in the study of digital currencies, in the wake of the recent price surge, and that that process will continue.

Just two weeks ago, the Central Bank of Iran's deputy director of new technologies, Naser Hakimi, warned the public on the "uncertainty" surrounding bitcoin and other cryptocurrencies, cautioning bitcoin investors that they are putting their capital at risk.

Iran flag image via Shutterstock

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