A senior Iranian lawmaker is pushing his government to recognize Bitcoin and digital currencies as economic recovery tools instead of dismissing them. Mohammad Hossein Farhangi represents Tabriz in I
A senior Iranian lawmaker is pushing his government to recognize Bitcoin and digital currencies as economic recovery tools instead of dismissing them.
Mohammad Hossein Farhangi represents Tabriz in Iran's Islamic Consultative Assembly. During a parliamentary session attended by Central Bank Governor Abdolnaser Hemmati, Farhangi made the case that his country stands to gain by taking cryptocurrencies seriously. "Cryptocurrencies can be a good opportunity for the country, otherwise it will become a matter for financial and credit institutions," he said. He asked Hemmati to "take the issue of Bitcoin seriously."
Farhangi challenged the current regulatory structure. He opposes housing cryptocurrency oversight within the Ministry of Industry and Mining, arguing instead that the central bank should control digital assets.
The lawmaker did not argue for permitting cryptocurrencies without safeguards. Farhangi warned that weak policies pose risks to the country's liquidity management and monetary control mechanisms. He called on parliament to craft careful rules before opening the door to crypto activity.
Farhangi's comments show how Iran's leadership grapples with cryptocurrency. President Hassan Rouhani called on officials to establish a national policy for cryptocurrency mining. Iran took a significant step in that direction in September 2019, becoming one of the few countries to require licenses for mining operations.
Yet Iran's stance toward crypto remains contradictory. The government championed mining, offering tax incentives to domestic operators. It took a different view of trading. Iran prohibited cryptocurrency trading and, in May of this year, classified such trading as money laundering.
Iran is not alone in reassessing its approach. Lawmakers in China, the United States, and across the European Union have all begun reviewing regulations they imposed in earlier years.
