05 May 2018 - 17:20

Iranians Purchase 2.5 Billion Dollars Cryptocurrencies

Chairman of the Economic Commission of the Parliament said over 2.5 billion dollars has been sent out to purchase virtual currencies so far.
News ID : 85435
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Regarding cryptocurrencies and creating national virtual currency, Mohammad Reza Pourebrahimi stated that one of the new phenomenon which is raised all over the world is cryptocurrencies issue and creating virtual national currency to facilitate economic deals and circumvent sanctions. He mentioned that I believe the future of the world economy will be done on digital currencies.

Pourebrahimi went on to say that using foreign digital currencies jeopardizes our banking system seriously due to their lack of transparency and valid support. Hence to solve this problem we should take step on the course of developing virtual national currency.

As to the benefits of virtual national currency, he stressed that virtual national currency will be created by our country's experts and foreign exchange adjustment will be handed in to the regulator making the currency be useable in specific areas, while foreign cryptocurrencies like bitcoin is just traded in the country but its major activity is out of Iran.

Chairman of the Economic Commission of the Parliament highlighted that Iranian digital currency can extend Iran's economic exchanges, adding national cryptocurrency can pave the path for multilateral currency swap agreements between Iran and countries which are enthusiastic to have economic cooperation with Iran but they couldn't have it so far owing to the sanctions; therefore, the structure of the cryptocurrency should be suitable for economic activity and be acceptable in international level simultaneously.

Regarding anti-sanction feature of digital currencies, Pourebrahimi said one of the benefits of digital currencies is absence of American regulator and it causes to circumvent sanctions.

"No virtual national currency has been designed in the country at the present and based on the existing data few people in Iran are cryptocurrencies' customer and more than 2.5 billion dollars has been sent out of the country for buying digital currencies, added point most of the digital currency activists enter this arena because of the huge benefits and speculation" Pourebrahimi said.

The official made the remarks that the central bank as a legislator of foreign currency area should take step to issue required permits to create virtual national currency.

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