CEO of Saman Investment Co., Behzad Golkar, stated that the first step to use cryptocurrencies is to get the central bank’s approval, which then needs to be recognized by the capital market Shariah Board.
The blockchain technology which led to the invention of cryptocurrencies has intrigued many to use it in separate areas.
Behzad Golkar suggested that these currencies need to be recognized by the capital market Shariah Board, due to their intangible nature. In this regard, the new concept has been widely welcomed by Iranian investors in Iran but didn’t receive enough attention from authorities, Golkar noted.
The CEO asserted that Cryptocurrencies hold many benefits, but authorities have ignored the existing opportunities:
Cryptocurrencies have many advantages such as the chance of evading sanctions. However, while the opportunity was available to mine these currencies or to establish new ones on local blockchain platforms, the authorities revealed no sign of consent.
The current difficulty according to Golkar is the deficit of connection with international markets, due to the imposed sanctions on Iran. To preserve the integrity and to provide the infrastructures for a digital currency, services from global companies must be used. Again this may become a problem. So any defined crypto can only be used in domestic markets.
He referred to another problem a domestic digital currency might face due to sanction:
Cryptocurrency wallets must be specially protected. However, with sanctions imposed on the country, Antivirus software and data centers cannot be easily purchased from international vendors.
In Golkar’s opinion, now is not the right time for Iran to develop a cryptocurrency, because this may only add more challenges to the market. Instead, he recommends that authorities allow the private sector to mine and invest in the well-known cryptocurrencies.