Iran’s Stock Exchange to Accept Crypto, Head of Iranian Regulator Approves

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Mon, 08/13/2018 - 08:56
Yuri Molchan
Chairman of Iranian Securities and Exchange Organization (SEO) welcomes crypto assets
Iran’s Stock Exchange to Accept Crypto, Head of Iranian Regulator Approves
Cover image via U.Today

The chief of the SEO, Shapour Mohammadi, has made an announcement that the main country’s exchange is now ready to accept new assets and encouraged other exchanges and institutions to follow suit. The necessary infrastructure on the exchange has been provided.

Iran’s serious “crypto intentions”

Since the US introduced sanctions, Iran seems eager to introduce virtual assets. Shapour Mohammadi claims that the Stock Exchange is ready to launch crypto transactions and he reckons that other banking institutions should do the same to help avoid US sanctions.

He said that it is the Central Bank of Iran (CBI) that is in charge of such issues but the SEO is prepared to do any cooperation to discussion with related agencies to make the legalization of electronic coins in Iran go faster.

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Iran to release its own coin

The reason that made Iran think of quick legalizing of crypto is the American sanctions that are restraining the local economy and making the local fiat currency, Rial, plummet. The government seeks options of avoiding their consequences that can be followed by a financial crisis.

Earlier, CryptoComes.com reported about the plans of Iran to create its own virtual money. So now the Iranian Post Bank is preparing documentation detailing the technical aspects of the oil-backed currency that Iran is planning to issue.

This comes after the first negative reaction of the country’s authorities to electronic coins but now the situation seems to have changed.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.