The Vice President of the Economic Commission for Innovation and Digital Transformation of the Tehran Chamber, referring to studies conducted in the field of cryptocurrencies, estimated that about 12 million people in Iran have cryptocurrencies and the value of its daily exchanges at the end of March was something between 5,000 to 10,000 billion tomans. A figure equal to the value of Iran Stock Exchange transactions in the last weeks of March.
In a joint meeting of the two commissions “Money and Capital Market” and “Economy of Innovation and Digital Transformation” of the Tehran Chamber, the situation of digital currencies in the country was reviewed and analyzed. Private-sector activists present at the meeting believed that despite the people’s desire to invest in the digital currency market, the government should abandon negative policies and play the role of regulator. On the other hand, the representatives of the Central Bank pointed out the concerns of the government in this regard and stated that there is no positive and uniform attitude towards cryptocurrencies in the country.
$ 50 million transfer of capital with Shaparak notification to payment companies
“Surveys show that there are 2.5 million cryptocurrency accounts in domestic exchanges, including four or five,” said Farzin Ferdis, deputy chairman of the Tehran Chamber of Commerce’s Digital Innovation and Transformation Economics Commission. “In one, about twelve million people in Iran have a currency code.” According to him, $ 50 million of capital was withdrawn from domestic platforms in 90 hours following the issuance of the Shaparak directive to paying companies.
“31 percent of respondents claim to currently hold a currency code,” Ferdis said, referring to a survey of 5,600 people aged 18 to 65. 6% stated that they already had such assets. Sixty-three percent said they had never had a currency code. Also, 77% of currency crypto holders have stated that they have entered this market with the intention of investing and preserving the value of money. “Fifteen percent of the investment in this market is their profession, 3 percent because of technology support, 3 percent because of curiosity and entertainment, one percent because of international money transfer, and one percent for payment and purchases.”
According to the research, 62% of the people who have bought the currency code have entered this market in the last six months and the daily exchange value of the cryptocurrencies at the end of March is estimated between 5 to 10 thousand billion tomans. If we take a look at the daily value of Iran Stock Exchange transactions in March of last year, this figure is about 8 thousand billion tomans, which shows that more people are interested in trading in the digital currency market.
“88% of businesses have stated that they have acquired Ramzarz through online trading platforms,” Ferdis said, referring to the position of businesses in the market. “5 percent have gained currency through physical exchange, 4 percent through extraction, 1 percent in exchange for selling products and services, and 2 percent through receiving money from friends and relatives.”
According to him, the biggest concern of people and businesses operating in the field of cryptocurrencies is the uncertainty of legal issues, severe fluctuations in value, lack of security and fraud, lack of transparent support and religious considerations.
The end of the period of negative conflicts
Continuing the meeting, Reza Ghorbani, head of the Fintech Commission of the Tehran Computer Guild Organization, called the lack of law, regulation and supervision among the main challenges in the field of digital currencies, adding: “In recent years, the regulator has preferred to give only warnings. But people are entering the cryptocurrency market ahead of the regulator. “A market that can be traced for transparency and is not a money laundering tool.”
Mustafa Naghipourfar, secretary of the FinTech Association, said that the period of negative confrontations was over and that governments were now working with cryptocurrency activists to submit a proposed document on the management of cryptocurrencies in the country to the government’s economic commission. It has been prepared by a number of private sector organizations. He expressed hope that the government would refrain from negative behavior in this regard.
Naqipurfer already in Interview with Digito He stated that any decision to strike in this area and to impose a ban on the exchange of cryptocurrencies would lead to the undergrounding of activities and the outflow of capital from the country, and the government should cooperate with the private sector.
Lack of capacity to accept the risk of cryptocurrency exchanges
“Mohammad Reza Mani Yekta,” the deputy director of the Central Bank’s Payment Systems Department, referred to the document proposed by the private sector and rejected it, saying that many meetings had been held around it.
He believes that the dangers of cryptocurrency exchanges have become serious for the people, but the risk of exchanges is so great that none of the pillars of the private sector can accept this risk.
In the end, after presenting the views of the participants, it was decided that these meetings will continue until a consensus is reached on digital currencies and its reflection to the relevant institutions.