Iranian authorities are okay with Bitcoin as long as it’s regulated

Iran is one of the most isolated countries, with some other states accusing it of financing terrorism and with a mentality which, as one of the country’s representatives has once stated to CNN, is hard to understand for Western people. However, it is safe to say that Iran values traditions without making a big mistake.

This is why people are interested in the news from this country on Bitcoin, the cutting-edge financial technology developed, strictly speaking, by a person whose intentions we do not fully know. However, this does not seem to stop Iranian officials from saying they are actually ready to allow Bitcoin and related deals, but firstly, a set of legislative measures must be set, they note.

“Many in Iran are dealing with Bitcoin, be it purchasing, selling or mining it, and even dealing with it in exchange shops, creating content and establishing startups”, told HCC secretary Abolhassan Firouzabadi to Financial Tribune. HCC is an abbreviation for the Iranian High Council of Cyberspace. This recognition of Bitcoin as a part of economy might be a critical part of why Iran’s leadership does not want to ban cryptocurrency while they could easily do so: just as in the case with Russian leaders, they do not want to lose the opportunity to improve the state economy.