The iranian government is preparing to integrate crypto-currency into their economy

Iran appears to be implementing the foundations for the integration of crypto-currencies in their economy. This decision is probably linked to the trade sanctions that the countries in the Middle East are currently undergoing. According to iran’s minister of information technologies and communication, Amir Hossein Davaee, the iranian government has already conducted studies on how to put in place an infrastructure to use Bitcoin in the country. This could lead to the development of this technology in the countries of the Middle East.

To succeed in the integration of crypto-currencies, the minister said that the infrastructural issues and economic had to be pre-resolved. He said that the government deploys today to study this market in order to effectively use Bitcoin.

Studies have already been conducted to ensure the success of this project

The objective of the State is to effectively use crypto-currencies so that are beneficial for the country. Amir Hossein Davaee has already conducted a number of studies for the use of Bitcoin. They have taken seriously the question, he added.

Nikinoz1917, Wikimedia Commons

He then explained that measures were being taken with the relevant departments to develop a regulatory framework more quickly. The introduction of crypto-currencies would be very advantageous to the country, said Davaee.

The market of Bitcoin can be regulated

This announcement comes just a month after Nima Amirshekari, manager, banking services digital, has said at the Financial Forum that the central Bank of iran seemed to be in favour of the use of crypto-currencies. According to this institution, the digital currencies, like Bitcoin, can be regulated.

While the iranian government is certainly not in favour of financial freedom, this decision is probably partly related to the effects of the financial sanctions that have crippled Iran’s economy. The hostility of the president Trump to the islamic Republic of Iran has also influenced the government to seek ways to circumvent the trade sanctions.

Source : NewsBTC