Iranians possess $30-50bn worth of crypto assets: Expert
An economic expert says the amount of crypto assets controlled by Iranians is estimated to be between $30 billion and $50 billion amid efforts by the Central Bank of Iran (CBI) to issue new regulations and laws to control the crypto market in the country.
Mohammad Sadegh Alhosseini said on Saturday that the value of crypto assets controlled by Iranians is around a third of the total gold market in Iran.
Alhosseini said that the daily worth of cryptocurrency trade in Iran is around 100 trillion rials (nearly $143 million).
He made the remarks after authorities in the Iranian finance ministry and the CBI said they were seeking to make the crypto market in Iran more transparent.
That comes as some experts say that the ambiguity existing in the trade and mining of crypto assets in Iran has helped businesses and exporters evade US sanctions that restrict the country’s access to the international banking system.
The CBI also unveiled a new document on Saturday which outlined its new policy-making arrangements for cryptocurrencies.
The bank said that the new policies will ensure the trade of cryptocurrencies does not violate Iran’s overarching laws on money-laundering and taxation.
However, Alhosseini said tightening government rules on cryptocurrencies may expose the sanction-busting activities of businesses and exporters and expose them to the threat of US sanctions.
“If the CBI gives authorization and Iranian wallets become identifiable, there would be a possibility for them to be sanctioned and this would make the CBI responsible,” he told the Fars news agency.
The expert said it would be better for the government to delegate some of its responsibilities to private companies and associations so that they can create discipline in the crypto market in the country.
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