Iran is attempting to Centralize and Regulate Crypto through new proposed bill

Iran is attempting to Centralize and Regulate Crypto through new proposed bill

By Lukros76 | Crypto Banter | 4 Jul 2021


As the title suggest, the Iranian government wants to centralize the decentralized... Iran is in a similar situation to China, attempting to substitute crypto with digital currencies, and obviously failing at it, as we can all imagine no one wants their government, especially an authoritarian one, to know where and what you're doing with your money all the time. It's the exact reason crypto exists, so they can't do that. Late in May they also banned minning completely and seized around 7000 mining computers, this was done to stop blackouts that were happening around the country. Unfortunately for the miners as a lot of people used the low prices of electricity in the country to builds farms and set up their operations... that quickly came to a stop though.

The difference between centralised and decentralised exchanges - Devprovider

So how exactly do they plan to regulate it, by making the Central Bank of the country the regulator of all exchanges within three months. This same law would also ban the use of crypto as a means of payment unless it was a domestic one, aka once again, completely regulated. They do not finish there tho, they would also have to authorize miners and give them licenses for mining. At least that's most of it done, the rest isn't as influential as these changes are...

Imagine the audacity to attempt to control and stop people from doing what they all wanted in the first place, it's not surprising since China's been doing the same thing but it shows how scared these countries are of what crypto would bring to people, and what it will eventually bring. Similarly to the internet when it was just starting, people didn't know what it's use would be since they could do the same things there as they did in real life, but as it evolved they eventually understood the amount of things unavailable to them until the explosion of the internet. The same will happen with Crypto and the countries attempting to stop it and regulate will lose out as people will no longer want to be there and will leave to friendlier countries. 

Portugal - The Most Crypto-Friendly Nation in Europe

It's sad to see a country take such measures but it also differentiates them from ones that might deserve recognition for their attempt to implement crypto successfully such as Portugal. And as you can imagine, Portugal has been doing way better for it and will likely continue to until other countries step up and support what is a new global trend.

Thanks for reading I hope you enjoyed it!


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Lukros76
Lukros76

A Video Game Designer, Crypto Enthusiast, Writer and an ASMRtist


Crypto Banter
Crypto Banter

Random crypto banter on my side. Nothing in particular just thoughts and ideas.

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