Thursday, November 16, 2017

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The Central Bank of Iran is conducting a comprehensive study on the digital currency with a highlight of the currency of the Bitcoin. At a news conference yesterday, Deputy Director of the Iranian Central Bank for Innovative New Technologies, "Nasser Hakimi," revealed the intention of the Authority to study all aspects of the currency of the Bitcoin as part of its research agenda. The Central Bank is also pursuing its studies with a full review of its policies on digital currencies. Where the central bank official highlighted uncertain price volatility and high risk as a major concern. According to Hakimi, the trend of investors to risk their capital in the Bitcoin depending on the "speculation" is very "disturbing". He added:

"Given that Bitcoin and other digital currencies have not been entered by the Central Bank as the official currency, as well as the risk of buying and the activity of traders in this area, we want investors and people to take all precautions against this market, because of the possibility of malicious work.

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Hakimi's comments on digital currencies also came at a press conference focused on the central bank's agenda for the financial technology sector. While the comments by the central bank official were often about the "worrying" aspects of the digital currency, the statements came as Iran was looking at digital currencies, in particular the currency of the Bitcoin as a viable legal tender in the country. Earlier this month, Iran's Information and Communication Technology Minister disclosed the ministry's research "to prepare the infrastructure for the use of the country's home-grown". In a recent interview, Hakimi confirmed that the Bitcoin was a "chance" for Iran, following a four-year banking blackout that saw Iran remove the SWIFT network to effectively isolate Iranian banks from global trade, a move that caused polio In Iran's economy.

 Elsewhere in the region, the Kingdom of Bahrain (separated by the Persian Gulf from Iran) has expressed interest in the adoption of the currency of the Bitcoin. "We are open to using the digital Bitcoin" said a Bahraini government official at the Economic Development Board, speaking at an innovation forum in September. While talks were held with the operator of the Saudi Bitcoin Trading Platform in order to open a trading platform in the islands' basic ownership. The official also suggested that the state can issue bonds for the digital currency.





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Monday, November 13, 2017

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