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The Central Bank's vice governor of IT technology said “I think that by the end of the year, the central bank's policies on the currency of the currencies will be announced.”

 

According to the Public Relations Department of the Monetary and Banking Research Institute and quoted by the news headquarters of the 8th Annual Conference on Electronic Banking and Payment Systems, Naser Hakimi, while explaining the government's view on Cryptocurrencies, expressed the latest news in this regard and stated: “The Cryptocurrencies, like any other phenomenon are a threat, and an opportunity; it is natural to resist change in a cultural and traditional way, and perhaps because of a normal human reaction.”

He added: “When a new phenomenon comes, the first approach may be denying, and we naturally focus on the threat and the detriment to deny it.

The vice governor of the Central Bank’s IT Technologies, emphasizing that the same thing applies to the Cryptocurrencies, stated: "Perhaps in the first stage a conservative view focuses on the risks that exist, of course, they exist and are real."

Hakimi continued: “But the fact is that human intelligence or policy-makers should be guided by the advantages of the new phenomenon (and, in our view, which is independent, whether we want or not, will come), and take care of potential hazards.

He also said that the same thing is happening about the Cryptocurrencies: “The Cryptocurrencies are risky in terms of money laundering, the unobservability of some transactions, the withdrawal of foreign currency, and the disturbance in the monetary system, which are not hidden, but on the one hand it creates opportunities for the system that we can use to provide alternative monetary exchange systems.

Advantages of Cryptocurrencies/securing non-productive assets and creating transparency in the monetary system

The vice governor of the Central Bank's IT technologies, emphasizing that Cryptocurrencies create tremendous transparency in monetary transactions, also stated that the Cryptocurrencies could also securitize non-productive assets.

He added that the Cryptocurrency gives the monetary system an exceptional opportunity in terms of the transparency that it brings, and added, “This issue is particularly true for liquefying and tradability of assets, which has no other solution at present.”

Hakimi considered the solutions based on institutionalization to be very complicated and said: That is why this has not been achieved so far. But Blockchain, by eliminating the middle enterprises, can make the development of these products in the form of a Cryptocurrency and other products properly.

"We must, more than anything else, have the intelligence to identify the risks and threats and adopt appropriate policies, we should not lose opportunities because of the risks," said the vice governor of the Central Bank’s IT technologies.

 

Why did not the Central Bank policies declare the Cryptocurrencies? / The Cryptocurrency is currently in the queue for review.

In response to the question that the Central Bank had already announced the policy of the bank for the Cryptocurrencies until the end of September 2018, but there were no news in this regard, and what was the reason? He said: “Our plan was to announce the Central Bank's policy on the Cryptocurrency by the end of September, and the policies have even been formulated. However, given the many engagements that decision makers have in this regard, these policies are still in the queue for review.

Hakimi restated: “The fact is that, technically and editorially, work has been completed in the same period, but has since been reviewed by the policymaker and the people who need to decide on this.

I do not communicate with the so-called national Cryptocurrency / The Central Bank's prospective program for different Cryptocurrencies.

The Central Bank’s official also responded that he is not able to communicate with the national Cryptocurrency because there might be different Cryptocurrencies for different types of uses and national Cryptocurrency is not necessarily working.

I use the term of “Cryptocurrency based on Rial” rather than the national Cryptocurrency, which is a monetary regulation debate, and is partly the policy I have already mentioned that to have a Cryptocurrency based on the Rial, gold, currency and other assets or a self-sufficient and autonomous Cryptocurrency.

Hakimi said: “In order to deal with each of these Cryptocurrencies, we should have their specific viewpoint as to which laws and regulations they are included and which bodies are monitoring them.

He emphasized that, therefore, having "National Cryptocurrency" and no other currency would be a simplistic argument. He added. "I think that the necessary policy in this regard should be based on freeing up the environment and establishing the necessary constraints and frameworks in the domain of the Cryptocurrencies."

He expressed his hope that the Central Bank's policy announcement on the Cryptocurrencies in the months remaining of 1397 and said: “I think this will happen this year, and the policies of the Central Bank will be announced; the announcement of policies is largely a policy stance of the policymaker on the Cryptocurrencies and on the other hand, the situation will be transparent along with the awareness of the sovereign’s view for those who want to work in this field.”