The parliament expects the government to submit a bill on cryptocurrency trade as soon as possible, the speaker Mohammad Baqer Qalibaf said on Sunday.
"We have a plan of action for managing the cryptocurrency market. However, we believe the government should submit its [own] plans for the issue, or at least clarify its stance regarding crypto trade," Qalibaf he was quoted as saying by ICANA.
"The Central Bank of Iran would be in charge of regulating the market if cryptocurrencies are defined as currency units," he added. "It will be the responsibility of the Ministry of Economy if cryptos are defined as digital assets."
Criticizing the government for delays in regulating the fast-growing digital currency market, he said, "The Ministry of Industries, Mining, and Trade is in charge of authorizing cryptomining while the Energy Ministry supplies power to licensed miners."
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.
A recent study, conducted by the Tehran Chamber of Commerce, Industries and Mining, shows that an estimate of 12 million Iranians have invested in cryptocurrencies.
This has prompted authorities to craft a roadmap for crypto business as a whole. The issue of cryptocurrencies, however, is more complicated than previous regulatory challenges. As a result, no state body wants responsibility and get involved if problems arise, which is likely.
Earlier this month, the CBI announced that it is in no hurry to announce new procedures for cryptocurrency exchanges. It said it planning a roadmap for managing the crypto market in collaboration with state institutions, including the High Council of Cyberspace.
The council, however, says the central bank should develop regulations for cryptocurrency exchanges, without caring about investors’ concerns about the possible drop in the value of digital assets.
Media outlets last week published a letter signed by Mahmoud Vaezi, President Hassan Rouhani’s chief of staff, in which the CBI was asked to stop blocking cryptocurrency exchanges. The call was in response to a petition signed by 60,000 plus people involved in the crypto business.
The letter was expected to put an end to disagreements over the issue among authorities and businesses, though lawmakers seem to be concerned.
Mining virtual currency is legal in Iran and miners are allowed to operate under rules approved by the government in July 2019. However, trade in crypto is banned 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.
Businesses claim that the government's crypto regulations only ban the use of digital currency for purchasing goods and services and that its trade is not illegal so long as those involved are accountable for the ensuing risks.
In another update, Iran Customs Administration said more than 20,000 boxes of crypto mining equipment were imported into Iran in the last fiscal year (March 2020-21) worth $10.2 million.
Imports were mainly from China with currency offered at the secondary foreign exchange market, known locally as Nima, ISNA reported.
Nima is an online platform affiliated with the Central Bank of Iran where exporters sell their overseas currency income and companies buy it for importing goods, machinery, equipment and raw materials.
