Iranian bankers called for encrypted currency

nBankruptcy comments: Iranian bankers have different attitudes toward cryptocurrencies, such as bitcoin. Iranian bank vice president of Merit Bank believes cryptocurrencies have had some global impact. Banks should therefore personally join such an area that affects the future of the banking industry. And urged central bank officials should not use legal means to limit the growth of digital money, to follow the trend is to avoid the loss of the way. Of course, some central bank officials also warn of the risks of trading encrypted currency mainly in bit-brushs and violate Islamic religious beliefs and economic foundations.n
nTranslation: Annie_Xun
Digital currency shaping the future of bankingn
Masoud Khatouni, deputy director of IT and communications network at Bank Melli Iran, came out to support cryptocurrencies.n
n”Iran must formally endorse the activities that use digital currency because they are shaping the future of banking.” Banks themselves must enter the field and use it. “n
nThe BMI official believes his country can profit from digital currency, especially trade history such as economic sanctions. He stressed the use of digital currency should be “no limit.” “I ask central bankers to refrain from restricting digital currencies through laws and regulations because they are already shaped based on the current global status quo and the Iranian people are already facing them.”n
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Combinations of emerging cryptocurrenciesn
The bank official’s position is clearly different from other Iranian bankers. Nasri Hakimi, governor of Iran’s Central Bank (CBI) and head of the bank’s Innovative Technologies Department, has recently urged people to be more careful in cryptocurrency trading, especially the best-known bitcoin.n
Allegedly last December, Parliament Member Mohammad Reza Pour-Ebrahimi said bitcoin and other digital currencies are not in line with the country’s religious beliefs and therefore must be careful.n
n”Transactions and trade through Bitcoin are completely out of Islamic and economic foundations, and therefore the relevant groups, especially the central bank, must impose the necessary regulation on these transactions.”n
nIn addition to supporting the use of cryptocurrencies, Khatouni also believes that the central bank should set up a small group to integrate digital currencies into the banking business and make regulations based on global experience.n
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The longer the damage, the greater the damagen
Khatouni believes digital currencies have quietly entered the bank, but most banks still ignore them. “The longer the digital currency formally enters the country, the more damage it will cause.”n
Despite warnings from Iranian regulators, Coindance data shows that cryptocurrency trading soared during the country’s political turmoil. Khatouni said, “Many people in the country have been involved in buying and selling digital currencies such as bitcoin, and we can not allow the matter to continue its development, which will only prompt them to continue their secret transactions. What we need is an accurate and transparent law on the use of digital currency Regulations. “n
In the second half of Iran’s fiscal year in September, it is possible that the currency position will be clearly encrypted in the overall regulatory framework.n

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