Iranian Banker Calls for Cryptocurrency Acceptance

Iranian Banker Calls for Cryptocurrency Acceptance
Jan 10, 2018 12:11 AM By: Guest Author | 11346 Views

An official at Iran’s largest bank called for bankers to accept digital currencies themselves and create a domestic digital currency. 

Digital Currencies Becoming the Future of Banking

Masoud Khatouni, the deputy for information technology and communications network at Bank Melli Iran (BMI), has come out in support of cryptocurrencies. According to the bank official:

Iran must formally recognise activities using digital currencies as they are currently shaping the future of banking. Banks themselves must also enter this field to use them.

The BMI official Iranian Banker Calls for Cryptocurrency Acceptance understands that his nation could benefit from digital currency, especially as they have a history of dealing with the burden of economic penalties. He emphasized that there should be “no limitations” on the adoption of digital currencies. “I ask central bank officials to abstain from creating restrictions for digital currencies by way of laws and regulations, because based on the modern realities of the world, they have taken form and the Iranian people have also walked toward them,” said the banker.

Mixed Signs on Emerging Cryptocurrency

The bank official’s stance is considerably varied from other prominent bankers in Iran. Both the Central Bank of Iran (CBI) Governor Valiollah Seifand and head of its Innovative Technologies Department Nasser Hakimi have recently advised people to exercise utmost care when dealing in cryptocurrencies, especially with the several wells known: Bitcoin.

Last December, member of parliament Mohammad Reza Pour-Ebrahimi reportedly said that Bitcoin and other digital currencies were not in line with the nation’s religious views and therefore caution must be exercised:

Deals and transactions made through Bitcoin are in no way in accordance with Islamic and economic fundamentals, therefore related entities, especially the central bank, must exert the necessary supervision over these deals.

But in return of his support for the adoption of virtual currencies, Khatouni believes that his nation could profit from digital currency, especially as they have had a history of dealing with the burden of economic sanctions. He suggested that the central bank should build a group to integrate digital currencies into their banking practices and to devise regulations based on the global experience.

Wait longer, Damage Worse

Khatouni believed that digital currencies are starting the banks silently, but most banks remain unaware of their presence. “The more time it needs for digital currencies to formally begin the country, the more damage it will inflict,” warned the BMI banker.
Despite warnings from Iranian regulators, Coincidence data shows that cryptocurrency trading in the country has grown amid its political turmoil. “Many people inside the country are currently involved in buying and selling digital currencies such as Bitcoin,” said Khatouni. “We must not let things stay, which will force them to deal with it and for that, we need to devise comprehensive, explicit and transparent rules and regulations for the use of digital currencies.”

The central bank is assumed to make its stance regarding cryptocurrencies clear a bit of a regulatory framework by the end of the first half of the next Iranian fiscal year in September.

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