Iran Mulling Over Prohibiting All Foreign-Mined Digital Assets

A new bill proposed by the Iranian Parliament Commission on Economy seeks to limit the use of digital assets within the country while providing a comprehensible legal framework for crypto miners.

As per a recent report from the Tasnim News Agency, lawmakers put forward a bill titled “Support for cryptocurrency mining and organizing the domestic market for exchanges,” which the nation’s parliament primarily declared on 23rd June. If the aforementioned bill gets passed, the legislation would make the country’s central bank the regulatory authority for the exchange of virtual assets in the nation.

As per the bill, all digital assets could be banned within Iran for payments counting out a “national” one — allegedly a CBDC or tokens minted in the private domain. Nevertheless, the statement could refer to virtual assets mined by licensed establishments within the nation, as the Central Bank of Iran has earlier mentioned it was trying to guarantee all virtual assets traded in Iran are mined from local mining units.

Last month, Iranian President Hassan Rouhani mentioned that the country was required to legalize digital assets in order to preserve and safeguard national interests at a meeting of his cabinet’s Economic Coordination Board. The president called for a joint study between companies in capital markets and news organisations to establish a legal outline for digital assets.