NEW DELHI: Iran recently established a new association to address blockchain-related issues in the country.
The Iran Chamber of Commerce, Industries, Mining and Agriculture (ICCIMA) under its supervision facilitated the formation and working of Iran Blockchain and Cryptocurrency Association (IBCA), according to Bitcoin.com.
ICCIMA is a non-profit and non-governmental institution established in 1884, which aims at facilitating economic growth and development in the country.
The launch of the association was announced by Mohammad Reza Sharafi, a member of the association’s board. Sharafi was positive that the IBCA would work efficiently to remove obstacles faced by businesses in the crypto space and use blockchain technology in the interest of the Iranian economy.
The newly-established crypto industry association in Iran has begun activities under the country’s chamber of commerce and it aims to solve the following concerns in the crypto industry:
* It would help remove hurdles challenging the members while facilitating the implementation of blockchain technology in the sanctioned nation’s economy.
* According to Sharafi, working under the chamber’s supervision will create opportunities to address key challenges in the sector, particularly pertaining to regulations.
* A host of issues related to the development of innovative technology in Iran are being looked for solutions.
– Concerted efforts have been made to maximize the benefits of this sector for the economy.
Sharafi further said that in order to optimise the potential of the technology without monopolizing it, they needed to work closely.
IBCA is the first organization affiliated with the chamber that is dealing with challenges facing Iran’s growing blockchain ecosystem. Even though the ICCIMA issued permission for the establishment of the new group last year itself, the launch was however delayed due to various reasons.
Prior to this, there was Iran Blockchain Association (IBA) founded in 2017 as a nonprofit, self-governing society of entrepreneurs and experts involved in the development of blockchain technology.
IBA was however suspended in June 2021 by the Ministry of Interior for allegedly breaching its own articles of association.
Although the crypto industry in Iran is not regulated, the Central Bank of Iran (CBI) in April 2021, authorized domestic banks and money exchangers to use locally and licensed mined cryptocurrencies to pay for imports to the sanctioned nation.
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