The Central Bank of Iran said Tuesday it is no hurry to announce new procedures for cryptocurrency exchanges.
"Contrary to recent claims, the central bank is focused on a roadmap for managing the cryptocurrency market in collaboration with state institutions, including the High Council of Cyberspace," said the governor, Abdolnasser Hemmati, the CBI website reported.
"The crypto issue is multidimensional and demands effective planning. I believe that decisions must be made in harmony with the beneficiaries."
Earlier in March and following the government’s stringent anti-money laundering measures the CBI ordered Shaparak, the local payment settlement network, to block online payment gateways owned by crypto exchange websites.
In recent months Iranians in increasing numbers have been putting money in bitcoins and other digital currencies as parallel markets, such as forex, gold and shares, lose luster.
Hemmati again cautioned the public about investing in cryptocurrencies. "I strongly recommend investors not to risk their money by putting it into unauthorized markets."
Pointing to the different approaches toward crypto trade Hemmati said, "We are hopeful about creating a unified mindset among all state bodies involved in issues related to cryptocurrencies."
The parliament plays a key role in this matter, he added.
The Majlis in a letter last week to financial authorities asked them to exercise caution in dealing with the controversial crypto issues.
Lawmakers said imposing a ban on crypto trade in and of itself is not enough, asking the central bank to develop precise regulations vis-à-vis the function of crypto exchanges and block their access to payment gateways until rules are finalized.
Mining the virtual currency is considered a legal industry and miners are allowed to operate legally under rules approved by the government in July 2019.
However, trade in cryptocurrency is banned in Iran, even though recently the central bank said banks and licensed moneychangers can use the digital currency mined by authorized miners in Iran to pay for imports.
The Majlis position raised concern among market players. The Iran Fintech Association warned policymakers about the negative impact of restrictive measures.
"Resorting to restrictive measures is the simplest, but not the best, response to the issue [of cryptocurrencies]. Doing so would deprive the nation of potential opportunities and create grounds underground business."
On the central bank’s earlier move to restrict crypto exchanges, IFA claimed "there are no regulations per se barring the work of crypto exchange.”
The group added that "Government regulations only ban using cryptocurrencies for purchasing goods and services. It is clear that trading cryptos is not illegal though traders are accountable for the ensuing risks."
It proposed that policymakers scrutinize the multi-dimensional issue in special working groups including market players to avoid a replay of past unsuccessful experiences.
