The Iranian government is seeking to embrace crypto assets using regulations instead of restrictions, said Economy and Finance Minister Abdolnaser Hemmati.
To this end, the government intends to eliminate the negative impact of cryptocurrency on the economy and use the benefits of digital money, which will fall under the jurisdiction of the Iranian central bank.
Hemmati hopes that cryptocurrencies will help increase youth employment in Iran and also counteract US sanctions.
At the same time as Hemmati, the Central Bank of Iran published a new document outlining its future cryptocurrency policy. According to it, the proposed measures are aimed at supporting crypto traders in complying with local tax and anti-money laundering laws.
Iranian investors currently hold between $30 billion and $50 billion in crypto assets, which is roughly equivalent to a third of the country's entire gold market.
It appears that newly elected US President Donald Trump's pro-cryptocurrency stance has influenced policies in other countries, although Iran's motivations differ significantly from those of the United States.
While in large capitalist countries, organizations seek to acquire bitcoins and integrate them into traditional finance primarily to diversify their portfolios to stabilize income, in Iran, cryptocurrencies are needed to circumvent financial sanctions.
