License-Focused Regulation Hinders Blockchain and Mobile Money Growth, Says Energy Exchange CEO

Mohammad Nazifi, CEO of Iran Energy Exchange, stated at the annual capital market conference that regulation in Iran is license-oriented. This approach slows the development of new technologies.

According to him, the start of blockchain means confronting centralization in the economic and political sectors of societies. Throughout history, these new fields have always been opposed. For example, during the Qajar era, the telegraph faced opposition. After a period of policy silence, no action was taken, leading to the creation of a state company for the telegraph.

Monopolizing Blockchain

The CEO of the Energy Exchange said, "We also initially opposed blockchain and then monopolized it through an institution. What makes a token become a strong and good token like Ethereum is the economic model that supports it. When a token lacks an economic model, its success is naturally unlikely and difficult."

Mobile Money as a Case Study

Nazifi continued, more than 92 percent of transactions in Kenya are done through mobile money today. When mobile money was introduced, their previous generation of money was physical cash.

He also referred to the prevailing atmosphere in the country's regulatory system and said, "Regulation in Iran remains license-oriented. This approach slows down the development of new technologies."