The Iranian Parliament’s Economic Committee issued a report revealing that 700 bitcoins are traded daily, equivalent to about $40 million, in the unofficial market for buying and selling cryptocurrencies in Iran.
The report, which was read by Ghulam Reda Marhaba, a spokesman for the Economic Committee before Parliament today, Tuesday, September 14, said that according to some estimates, the volume of cryptocurrency transactions in the famous local markets is estimated at 2000 billion tomans.
This parliamentary report on cryptocurrency mining in the world and in Iran was prepared. The report also addresses the benefits and challenges of cryptocurrency exchange for the Iranian government.
According to the report, the annual extraction of cryptocurrencies in the world is estimated at $15 billion, and in Iran is $1.1 billion. Of the 324,000 “Bitcoins” mined annually in the world, 19,500 “Bitcoins” may be unofficially mined in Iran.
The Parliamentary Economic Committee stressed that the Iranian people are “widely inclined to operate in this market”.
However, the committee noted that “none of these cryptocurrency exchanges are licensed in the country, and of course no policy has been established to take legal action in this area in Iran.”
The report adds that people are exposed to losses or even inadvertently getting involved in money laundering crimes, due to “the inability to reach licensed money changers and sellers inside”.
Last May, the Center for the Investigation of Organized Cybercrime, affiliated with the Iranian Revolutionary Guards’ Intelligence Organization, announced the arrest of Sina Estoi, a well-known cryptocurrency activist and Cryptoland bank manager.
However, then-Iranian Economy Minister Farhad Djepsand said in June that cryptocurrencies had “the ability to circumvent sanctions”.
The Parliament report also notes that due to the “difficulty of monitoring exchanges” for cryptocurrencies, these types of currencies are seen as an opportunity to “reduce the impact of sanctions” against Iran.
Iran can also “in the event of restricting its exports of fossil energy and electricity”, to convert these energies “into a cryptocurrency and use it for the country’s basic imports.”
The emphasis of the Islamic Republic of Iran on the use of cryptocurrencies to circumvent the sanctions, while the main reason for the shortage and widespread power outages in Iran in recent years was due to the extraction of cryptocurrencies.
Source: Iran Intel