Iran’s Central Bank Proposes Working Hours for Online Gold Platforms to Regulate Prices
Central Bank proposes working hours for online gold platforms, raising concerns over market transparency and risks during off-hours.
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The head of the Virtual Business Union has revealed that Iran's Central Bank's proposed regulations include designated working hours for online gold trading platforms.
Reza Olfat-Nasab posted on Twitter: "The Central Bank's unlawful proposal mandates 'working hours' for gold platforms! This means transparency until 4 PM, and after that, everyone turns to Telegram channels!"
A New Proposal for Online Gold Platforms
This approach by the Central Bank comes despite the inherent nature of digital economies and online markets, which operate around the clock without time or location restrictions.
Experts argue that such limitations not only fail to enhance transparency but also create a vacuum during non-business hours, driving market demand toward unmonitored channels and unauthorized platforms. This shift significantly raises transaction risks for users.
This is not the first time the Central Bank's stance on technology-driven businesses has faced criticism from industry professionals. Previously, cryptocurrency sector activists reported similar pressures.
In this vein, Sahand Hamzei, CEO of a major cryptocurrency exchange, disclosed at a public event last week that the Central Bank had instructed exchanges to set the price of the digital currency Tether in line with government-controlled rates akin to the "Nima system." He also mentioned that officials had questioned the round-the-clock operation of these platforms.
