It’s hard to imagine Iran being a mecca for cryptocurrencies.
After all, it ranks just 156 out of 180 countries in Heritage’s Index of Economic Freedom.
That means the country is considered ‘mostly unfree’ and is pretty close to the worst ranking of ‘repressed.’
Despite the lack of economic freedoms bitcoin has been in Iran since 2013 with online bitcoin market CoinAva. And in 2015 it got its first bitcoin exchange, BTXCapital.
However, in April the Central Bank of Iran banned banks in the country from dealing in cryptocurrencies, making its use very difficult.
Still, according to reports, Iranian citizen have sent an estimated $2.5 billion out of the country to buy cryptocurrencies.
Recent news suggests Iran’s stance on cryptocurrencies could be turning.
One catalyst is sanctions against Iran.
In May Trump announced the US would be withdrawing from the Iran nuclear deal and reimposing sanctions on the country.
He held true to his word and reimposed sanctions in August. That’s led Iran to consider cryptocurrencies as a way to bypass sanctions.
News just came out that Iran has prepared a draft for a new national cryptocurrency developed by its Supreme Cyberspace Council. The Central Bank of Iran is reviewing the draft and plans to publish its opinion by the end of September.
And the ban on Iranian banks dealing in crypto could soon be ending.
Nasser Hakimi, the Central Bank of Iran’s Chief of Innovative Technologies recently said “The High Council of Anti-Money Laundering has imposed a ban in light of concerns over global allegations of money laundering and financing of terrorism. But it seems that after the government’s consideration, this blanket ban will be reviewed.”
It will be interesting to see how this all plays out.
What do you think, can Iran become a crypto mecca?
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