Abbas Ashtiani, CEO of Iran Blockchain Association, stated in a comment that the cryptocurrencies mined inside the country cannot meet the needs of small traders. It was previously announced that the currencies extracted by Iranian miners are to be used in the import of goods.
According to Mehen Blockchain and quoted by Imna news agency, Abbas Ashtiani announced in his new opinion that the mere use of cryptocurrencies mined inside the country is not a deep issue; Because it cannot meet the needs of retail traders. He added:
On average, we have 100 million dollars in micro-currency demand for business every day; At the same time, cryptocurrencies can be very suitable for clearing, but the amount of their extraction is not responsible for production.
According to the previous report of Mihan Blockchain, the head of the central bank had previously announced that those who have a legal license to mine cryptocurrency can submit their mined cryptocurrency for import. In this regard, in the middle of August, the first official import order was successfully registered using cryptocurrency worth 10 million dollars. According to the latest notification of the Security Organization and the approval of the Board of Ministers, this clearing should be done through cryptocurrencies that are mined inside the country.
CEO of Iran Blockchain Association continued:
After the approval of the Council of Ministers in 2019, another note was added to it in 2019. This note was based on the fact that a mechanism should be adopted by the Central Bank and the Ministry of Security for the newly mined cryptocurrency to return to the economic cycle.
Considering that the necessary permits have been issued for Bitcoin, we see the presence of this currency in foreign exchanges. In addition to Bitcoin, there is also the possibility of legal mining of other cryptocurrencies such as Litecoin and Ethereum in the country, but no mechanism has been considered for these two cryptocurrencies.
In the end, he added that digital assets as a source of currency and its provision in the exchange require legal requirements. In fact, this type of property should be officially recognized in the country.