Government Cannot Stand in the Way of Crypto Technologies, Iran Minister Says


According to an official Iranian news agency, the country’s Minister of Communication and Information Technology, Mahmoud Vaezi, stated that the government would not stand in the way of any efforts to advance the country’s cyptocurrency industry. He made his comments while speaking to the country’s central bank, the Bejantekhneh and Mehr (BMI), which was looking into the feasibility of developing its own digital currency.

A major milestone for cryptocurrency has been reached with the announcement that the Iranian government has granted licenses to four mills in order to produce, mine and sell cryptocurrencies such as Bitcoin and Litecoin.

Iran has been in the news a lot lately for their nuclear ambitions, terrorism, and human rights abuses. But there’s one thing they’re not being accused of lately, and that’s holding back the internet. Yes, Iran has a thriving tech community and, like in many other countries around the world, the government is indeed unable to stand in the way of innovations that can benefit its citizens.. Read more about bitcoin and let us know what you think.

Government Cannot Stand in the Way of Crypto Technologies, Iran Minister Says New technologies, including blockchain and cryptocurrency mining, have helped Iran increase its budget revenues and withstand foreign sanctions, according to the country’s economy and finance minister. A senior official believes that the government should not interfere with their development for too long.

Government official warns of impeding crypto currency development

In recent years, Tehran has come closer to meeting its income tax goals, Iranian Economy and Finance Minister Farhad Dejpasand noted recently. The introduction of new technologies was found to be responsible for about a third of the growth in household income. Commenting on the results, Mr Dejpasand said: In the next four years, blockchain will account for 10% of global GDP. As energy consumption has increased, we have scaled back crypto mining, but in the long run, we can’t go against the technology. The economy minister was referring to the seasonal ban on cryptocurrency mining due to the power shortage in the country. Digital currency mining is flourishing in Iran thanks to high cryptocurrency prices and access to cheap energy. But the government has blamed excessive electricity consumption and this year’s drought for frequent power cuts in many cities. Authorities estimate that licensed and illegal miners burn about 2,300 megawatts per day.

New technology has helped Iran resist US sanctions

Speaking at an event to mark the launch of two e-commerce projects, Farhad Dejpasand also stressed the importance of e-commerce to the country’s economy. The share of e-commerce in the Islamic Republic’s gross domestic product (GDP) has increased 2.4 times, a minister said earlier this week, as quoted by the Tehran Times. According to the Iranian Center for E-commerce Development, online business transactions increased by 20%. March and 21. September 2020 quadrupled compared to the same period last year. At the same time, the number of new licenses for online businesses has tripled as traditional businesses seek to expand their online sales by adapting to the changing shopping habits of Iranians. Government Cannot Stand in the Way of Crypto Technologies, Iran Minister Says Thanks to all these new technologies, Iran has been able to largely resist the economic sanctions imposed by the United States, Dejpasand said. They have also supported the development of the Iranian capital market and contributed to the fight against the coronavirus pandemic. Recognizing the potential benefits of using cryptocurrencies to circumvent trade barriers, Iran has allowed local banks and exchanges to use domestically mined cryptocurrencies to pay for imports. However, regulators have sought to restrict other types of transactions, leading Iran’s fintech sector to warn that such restrictions would only deprive the country of opportunities. Startups note that cryptocurrencies have helped Iranian companies bypass the blockade on banks, transportation and insurance. Do you think the Iranian authorities will allow the free development of crypto technology in the country? Share your thoughts on this topic in the comments section below.

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