Iran launches new blockchain and cryptocurrency association


NEW DELHI: Iran recently formed a new association to address blockchain-related issues in the country.
The Iranian Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), under his supervision, facilitated the formation and operation of the Iranian Blockchain and Cryptocurrency Association (IBCA) , according to
ICCIMA is a non-profit, non-governmental institution established in 1884, which aims to facilitate the economic growth and development of the country.
The launch of the association was announced by Mohammad Reza Sharafi, member of the association’s board of directors. Sharafi was confident that the IBCA would work effectively to remove obstacles faced by businesses in the crypto space and use blockchain technology for the benefit of the Iranian economy.
The newly established crypto industry association in Iran started its activities under the country’s chamber of commerce and aims to solve the following issues in the crypto industry:
* This would help remove obstacles that challenge members while also facilitating the implementation of blockchain technology in the economy of the sanctioned country.
* According to Sharafi, working under the supervision of the chamber will create opportunities to address the main challenges of the sector, especially with regard to regulations.
* A multitude of problems related to the development of innovative technologies in Iran are sought for solutions.
– Concerted efforts have been made to maximize the benefits of this sector for the economy.
Sharafi added that to maximize the potential of the technology without monopolizing it, they need to work closely together.
The IBCA is the premier chamber affiliated organization addressing the challenges facing Iran’s growing blockchain ecosystem. Although ICCIMA authorized the creation of the new group last year, the launch was however delayed for various reasons.
Prior to that, there was the Iran Blockchain Association (IBA) founded in 2017 as an independent, non-profit company of entrepreneurs and experts involved in the development of blockchain technology.
IBA was however suspended in June 2021 by the Interior Ministry for alleged violation of its own statutes.
Although the crypto industry in Iran is unregulated, the Central Bank of Iran (CBI) in April 2021 allowed national banks and money exchangers to use locally mined and licensed cryptocurrencies to pay for imports to the sanctioned country.
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