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A new proposal in Iran's parliament seeks to regulate cryptocurrency transactions. The plan, titled 'Strengthening the Currency System,' mandates that buying and selling cryptocurrencies occur only through designated exchanges and with the use of a currency card.
The proposal, signed by 55 members of parliament, includes notable figures such as Reza Taghipour and Nasrollah Pejmanfar, who have previously supported initiatives like the Internet Protection Plan. According to the proposal’s introduction, one of its objectives is to address issues surrounding unregulated currency pricing.
Cryptocurrency Trading Restrictions
Article 10 of the proposal focuses specifically on cryptocurrency regulations. It states that trading digital currencies will only be permitted via exchanges approved by the Central Bank and must be conducted using a currency card. Direct purchases of cryptocurrencies with cash will be forbidden.
Additionally, Article 10 outlines that cryptocurrency buyers must meet currency obligations within one year by returning funds to the currency card. Buyers will not face restrictions on subsequent cryptocurrency purchases once commitments are fulfilled.
Foreign Currency Regulations
Article 6 introduces measures against holding or trading foreign currencies in cash outside the scope of this law. Within three months of enactment, individuals found engaging in such activities will face penalties under anti-smuggling laws.
For example, storing US dollars or other foreign currencies at home or conducting cash transactions involving foreign currencies will become illegal after the specified deadline.
Currency Card System
Under Article 1, the Central Bank will issue a 'currency card' to all applicants. This card functions similarly to a standard bank card but operates with foreign currencies instead of Iranian rials.
