Bitcoin Use in Iran Welcomed by Nation’s High Council of Cyberspace

Iran is probably not the first country to pop into your head when thinking about official bitcoin endorsement. In the Middle East alone, the immensely rich Arab emirates of the Gulf are much likelier candidates as they have a tendency to race one other to obtain the latest technological marvels as displays of wealth. Despite this, Iranian government authorities have consistently signaled that they are open to the idea of allowing bitcoin use in the country – as they did once again a few days ago.      

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Abolhassan Firouzabadi, secretary of Iran’s High Council of Cyberspace, told the Iranian news agency ILNA that his institution supports the use of bitcoin in the country albeit in a controlled fashion. He said: “We welcome bitcoin, but we must have regulations for bitcoin and any other digital currency. Studies are necessary for considering a new currency.”

Such studies are currently underway as a joint effort by both the High Council of Cyberspace and the Central Bank of the Islamic Republic of Iran as the authorities are preparing for bitcoin use inside the country. An official document detailing what the regulators have learned about the virtual currency is expected by September 2018 according to the Iranian daily Financial Tribune…

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