Iran President directs lawmakers to prepare legal framework to regulate cryptocurrencies

Iranian President Hassan Rouhani has asked his administration to start working on a framework to regulate cryptocurrencies like Bitcoin as their market continues to expand worldwide. He believes that  clear communication about the laws and rules will help discourage dishonourable crypto businesses, who've had a free run so far. With the US’s crippling economic sanction and a ban on the American dollar, Iran, known for its conservative regulations, has openly welcomed crypto trade.

"For legalizing the activity of cryptocurrencies and protecting people's capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions," Rouhani remarked at a recent meeting.

Addressing the Economic Coordination Board meeting, the Shiite leader issued a stern warning to retail investors in the country to be cautious of all the “unprofessional” businesses currently operating in the country. Elaborating further, he laid down the significance of monitoring the virtual trade to protect Iranian residents from illegal businesses and create an environment conducive to accept crypto at a larger scale.

According to a recent study by Elliptic, ran houses 4.5% of all the Bitcoin hash rate in the world. China still tops the list with a 55 per cent has rate followed by the US at 11 per cent. Hast Rate signifying the speed of Bitcoin mining. 

Crypto market update

The prices of Bitcoin surged by 7.71 per cent to US$37,824.28 on June 10, according to the pricing on Coindesk. The cryptocurrency recorded a 24 hour high at US$38,461.25, a little over half of its overall high at US$ 64,829.14. The value of the world’s most popular cryptocurrency has been surging for the past two days after El Salvador, became the first country to approve it for legal transactions.    

Meanwhile, Ethereum also saw a jump with its price stationed at US$2,546 at the time of writing this article. Dogecoin, which had garnered popularity in recent times recorded a rate of US$0.336186  marking a 1.65 per cent jump at the time of writing this article. Other crypto currencies- Cardano and XRP also recorded a small but significant rise in their values, according to data on Coindesk.

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