FinTech News has had pleasant talk with Mr Ehsan Darbanian, head of
FinMag's R&D department, about current Iranian cryptocurrency scene. FinMag
(an acronym of Financial Magazine) is an Iranian FinTech company and media
creator, organizing FinTech events, such as Blockchain Cafe we wrote about
earlier here, and publishing numerous educational and informative contents on
FinTech, Blockchain and economy topics on their website https://finmag.ir
(regretfully, articles are published only in Persian language so far).
Mr
Ehsan Darbanian, head of FinMag's R&D department
FTN Q1:
What can you tell us about current Iranian
regulation on cryptocurrency?
ED A1:
The Draft version of cryptocurrency and blockchain regulations of
Iran was published on 28 January 2019 (more about Draft in our previous post - here). This version was designed by Iranian Central bank's Vice Presidency of IT
and new technologies, which covers FinTech innovations policies. CBI also provided
an e-mail for FinTech community to send their comments. In this Draft version
there are several policies for exchanges, wallets, token issues and ICOs.
I think this new regulation Draft will be a good start. It has its
own weaknesses but I think having a weak regulation is better than no
regulation. CBI's e-mail for sending suggestions is a good initiative to
include opinions of whole FinTech community in Iran. In an overall view, I can
say that this new method in regulation is a great leap forward. Some parts of
Draft will probably have to be changed because they strictly limit Blockchain
and cryptocurrency usage opportunities.
FTN Q2:
How does Draft regulate payments with cryptocurrencies?
ED A2:
About payments, I think that we need a long discussion. Back to years
2008 - 2009, we have had serious problems in payments. But FinTech has had great
improvements since then. So, I think that payment problems are not as hard nowadays as in the
time when cryptocurrencies and bitcoin were invented. In countries that have a
good level of FinTech, payments will not be the main use cases of
cryptocurrencies but we need to take into the consideration that no government has the right to limit legal businesses. So, I think that payments with
cryptocurrencies must be legalized, but, if a country has a good level in FinTech, it will be hard to have a working business in payments with cryptocurrencies.
For example if you look at Europe, with TARGET 2 solution, people don't have a
problem in payments. In less developed countries, crypto payments would be a
revolution.
Iran has a mid level of development in FinTech. Current legal
situation on payments (that was expressed in Draft version on regulations of
cryptocurrencies) with cryptocurrencies is not good. In this Draft version
payments are strictly limited to cryptocurrencies which are under control of
CBI. Several Blockchain developers want to develop their own tokens for
inter-app payments which will be illegal by current standpoint of CBI.
Regarding Iranian remittance and tourism, I think that we do not
have a better tool for payments than cryptocurrencies right now.
How
Draft allows payments with cryptocurrencies
FTN Q3:
ED A3:
There are mixed views in Iran about Draft. As you can see in our
video, everyone was waiting for the regulations for a long time and having a
certain regulation is necessary for businesses, but every business have its own
view on Draft after its issuing. In CBI's view, cryptocurrencies could be a
threat to their policies in monetary problems and can possibly end in certain
levels of crime and also inflation. About payments, new Draft would be a
problem for developing businesses.
In token issuing we have seen a mixed view too. Iran's OTCs, for
example, have problems about metal pegged cryptos. ICO's are in a "gray
area" about their legal status. But, in overall, I think it's a good
starting point if CBI and other regulators could be open for suggestions.
At the end, I have to say that this Draft has a lot of missed
points, for example about loans, KYC and AML solutions (CBI said they are
necessary, but did not offer a good solution) maximum amount of money transfer
and similar flaws. Anyway, I am optimistic about further development of FinTech environment in Iran, whoever will take a lead in its improvement.
FinMag's video clip dedicated to new cryptocurrency regulations in Iran
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