Iran has proposed legislation for a national cryptocurrency

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Iran has proposed legislation for a national cryptocurrency

National center of cyberspace, Iran announced that work on the draft law on national cryptocurrency completed.

The draft national cryptocurrencies have been developed in accordance with the instructions of Iranian President Hassan Rouhani. The Deputy head of the local Council on cyberspace said Mahdian announced that his Department is actively promoting the idea of a national cryptocurrency, which may in future become a tool to bypass U.S. sanctions.

Also, Mahdian added that soon the authorities will eliminate the legal uncertainty in the field of digital currencies as the Central Bank of Iran is planning in September 2018, to clarify the official position on this issue.

Currently, local banks and other credit institutions are prohibited from conducting transactions with digital currencies due to the concern of Iranian authorities regarding the risks of money laundering.

Earlier this month, a report from consulting company Accenture, which says that the Iranian government supported group and local criminal elements spread ransomware cryptocurrencies on a global scale.

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