Following a report released by the United Nations, Iran’s Blockchain Association head has proposed that a special council be set up to deal with crypto-related regulations.
The “btc bear market” is a term that is used when the price of Bitcoin falls below the cost of production. This has been in effect for over a year, and it could lead to a major correction.
Authorities have been lax in enforcing cryptocurrency regulations, according to Iran’s leading blockchain group. The group is worried about the government’s inaction and has offered its assistance to regulators it believes are unprepared to manage such a difficult assignment.
Iranian authorities, such as the Central Bank of Iran (CBI), are unable to supervise digital assets, according to Abbas Ashtiani, the chairman of the Iran Blockchain Association (IBA). According to a Financial Tribune story, the IBA has proposed the appointment of a “independent counsel” to take responsibility.
According to Ashtiani, who spoke during a news conference on Nov. 2:
“We need a special council made up of representatives from government and business to draft cryptocurrency regulations.” Given the multidimensionality of the situation, the CBI or the Security and Exchange Organization are not competent [enough] to develop regulations for cryptos.”
While generating Bitcoin (BTC) is legal in Iran, utilizing cryptocurrency to make payments is not. Banks and licensed money changers, on the other hand, are permitted to pay for imports using digital currency created by approved miners in Iran.
Miners must get a license from the Ministry of Industries, and their electricity costs are calculated using export pricing. Around 30 companies have secured mining permits in the nation, according to the most current statistics from earlier this year.
However, worries about underground mining remain a problem throughout the nation. According to Cointelegraph, the CEO of the Tehran Stock Exchange resigned after Bitcoin miners were discovered in the basement.
In response to government officials’ concerns regarding unlawful activities related to cryptocurrency mining and trading, Ashtiani stated the Iran Blockchain Association recognizes legislators’ concerns and promises them that their concerns would be addressed:
“We are prepared to assist in the development of standards that will guarantee that cryptos have a good economic effect while limiting crime.”
The “bitcoin bullish news” is a headline from the “Iran Blockchain Association head calls for special council on crypto laws.” The article discusses how the Iranian government should create a special council to regulate cryptocurrency.
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