Iran is moving to “organize” cryptocurrencies through regulation rather than restriction, a strategic shift that coincides with the US President-elect’s pro-crypto stance. donald trump and the recent rise of Bitcoin (CRYPTO:BTC) above $100,000.
What happened
The Iranian Minister of Economic and Financial Affairs, Abdolnaser Hemmatiannounced the regulatory framework during a national event, declaring that the initiative aims to “eliminate the negative impacts and harness the positive effects” of digital currencies, according to Nour News, a state media outlet.
The Central Bank of Iran has published guidelines focusing on tax compliance and anti-money laundering measures.
Iranian investors currently hold between $30 billion and $50 billion in Cryptocurrency assets, the equivalent of about a third of the country’s gold market, the economist told Nour News. Mohammad Sadegh Alhosseini.
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“We hope that they will be developed with the aim of growing assets and youth employment, which will help to nullify sanctions and align Iran’s activities with the global economy,” Hemmati stated.
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Why is it important
The timing is significant as Trump prepares to take office, having recently given David Sacks the position of “White House AI and cryptocurrency czar.” Through Social TruthTrump announced that Sacks will develop a comprehensive legal framework to help the cryptocurrency industry “thrive in the US.”
However, Trump’s planned return to “maximum pressure” sanctions on Iran could have a significant impact on global oil markets.
The analyst of JPMorgan, Arun Jayaramwarns that the return of these sanctions could eliminate up to 1 million barrels of Iranian oil a day from global supply, which would be a drastic reduction from current exports of 1.6 million barrels under the President’s administration. Joe Biden.
At press time, Bitcoin was trading at $98,306.15, reflecting growing institutional acceptance amid these geopolitical changes.
Photo courtesy of Shutterstock
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