Iran To Soften Cryptocurrency Ban For Rials’ Sake

Iran To Soften Cryptocurrency Ban For Rials' Sake
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As recently reported by news media, Iran’s new plan of developing a national cryptocurrency called the ‘Crypto-Rial’, has given the country a change of heart concerning cryptocurrencies such as Bitcoin and Ethereum.

The newly drafted law will allow its citizens own or mine cryptocurrencies.

Previous Ban On Cryptos

Iran’s central bank had in the Q2 of 2018 placed a ban on cryptocurrency exchanges in the country. This ban also stopped financial institutions from dealing with cryptocurrencies such as Bitcoin.

The IRNA in their statement said,

“Banks and credit institutions and currency exchanges should avoid any sale or purchase of these currencies or taking any action to promote them.”

The New Law

The recent revision to the ban formerly imposed isn’t complete freedom for cryptocurrencies; nevertheless, it has granted cryptocurrencies some space to flourish. This new law is coming a few hours before the commencement of the ‘Blockchain Revolution,’ a two-day Electronic Banking and Payment System conference, holding in Tehran.

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As speculated, the new law, besides recognizing top cryptocurrencies, it also approves ICOs (Initial Coin Offerings), citizens owning cryptocurrency wallets, authorizes cryptocurrency exchanges to carry out crypto transactions, and gives rights to citizens to mine cryptocurrencies.

Progress With Crypto-Rial And The Future Of Top Cryptocurrencies

It’s been reported that the national cryptocurrency, Rial, would be officially announced at the Blockchain Revolution conference that’s to commence soon. The introduction of the sovereign coin is to help the country find a way around the sanctions placed by the United States.

This is good news not just for Iran’s Rial cryptocurrency but to other cryptocurrencies as well. With Iran leading the way by giving cryptocurrencies some freedom, other nations who have placed a ban on cryptocurrencies will also review their plans as well. This, in turn, will give cryptocurrencies such as Bitcoin a big boost and thereby bringing back those days when the top cryptocurrencies were trading at their apogee.

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