Sadegh Hosseini, Economist

The Central Bank Should Not Be the Last Resort for Cryptocurrencies

At the National Crypto Future event, Sadegh Hosseini emphasized the importance of understanding the cryptocurrency market and the role of the government, stating: "The Central Bank should not issue licenses in the cryptocurrency sector, as this could lead to dangerous consequences such as the identification and sanctioning of assets. The best solution is to form a professional union and strengthen the official private sector."

News ID: ۲۰۰۰۴۴۰

07 December 2024

According to Eghtesad Online, Hosseini pointed out the significant volume of cryptocurrencies held by Iranians, saying: "Research shows that Iranians possess between $30 to $50 billion in cryptocurrency assets. For comparison, the total gold market of Iranians is about $150 billion."

He also mentioned the daily trading volume in this market, adding: "Approximately 10 trillion tomans worth of cryptocurrency is bought and sold daily in Iran. However, due to the lack of appropriate institutional infrastructure and transparent regulations, this market continues to face many challenges."

The Central Bank Should Stay Out; A Professional Union Should Be Formed

In another part of his speech, Hosseini warned against the Central Bank's entry into the cryptocurrency sector, saying: "The Central Bank should not become the last resort for this sector. If the Central Bank issues licenses and Iranian wallets are identified, there is a risk of their sanctioning, and the responsibility for these consequences will fall on the Central Bank."

He suggested: "It would be better to form a professional union to manage and license this sector under the private sector's authority. This union could aim to develop the official sector by receiving privileges and implementing specific restrictions."

Developing the Official Sector; A Solution for Strengthening the Market

Hosseini emphasized: "This sector will develop regardless, either officially or unofficially. Our goal should be to strengthen the official sector. The restrictions that are imposed should be accompanied by significant privileges granted to the private sector. This balance can lead to strengthening and sustainable growth of this market."