The recently established crypto industry association in Iran has begun activities under the country’s chamber of commerce. Its management hopes to help remove obstacles that challenge its members, while promoting the implementation of blockchain technology in the economies of sanctioned countries.

Industry associations respond to challenges related to Iran’s blockchain

According to the English-language business daily “Financial Tribune”, the newly established Iranian Blockchain and Cryptocurrency Association (IBCA) has started operation under the supervision of the Iranian Chamber of Commerce, Industry, Mining and Agriculture (ICCIMA). According to the publication, IBCA is the first organization affiliated with the chamber of commerce, which is responding to the challenges faced by Iran’s evolving blockchain ecosystem.

Mohammad Reza Sharafi, a member of the board of directors of the association, announced the release. He expressed his hope that IBCA can remove obstacles faced by enterprises in the encryption field and use blockchain technology for the benefit of the Iranian economy. When talking about the Way2pay website portal, Sharafi also stated:

There are many problems in the development of innovative technologies in Iran. A joint effort has been made to maximize the economic benefits of the sector… We need to work closely together to ensure that the potential of the technology is used without a monopoly.

The representative of the organization added that ICCIMA approved the establishment of the new group last year. However, due to various reasons, the launch was delayed, the most important of which was the change of government in Tehran. Mohammad Sharafi believes that working under the supervision of the Chamber of Commerce will create opportunities to solve the major challenges of the industry, especially those related to regulations.

Founded in 2017, the Iranian Blockchain Association (IBA) is a previously active industry organization. It is a non-profit autonomous society composed of entrepreneurs, experts, and activists, participating in the development of fast-growing technologies. IBA has its activities pause In June of this year, the Ministry of the Interior was sued by the Ministry of the Interior for allegedly violating its articles of association.

The move came after Iranian lawmaker Rahim Zare accused NGOs of transferring foreign currency funds outside the Islamic Republic. The IBA rejected these claims, which were not supported by any evidence.

Iran’s crypto space remains largely unregulated. In April, the Central Bank of Iran (CBI) Authorization Domestic banks and money changers use locally mined cryptocurrencies to pay for imports to sanctioned countries, but the authorities have been conducting coin transactions and crypto payments in the country.

Restrictions on cryptocurrency trade will deprive Iran of local fintech companies of opportunities warn Earlier this year, he expressed opposition to the government’s attempts to curb the operation of digital asset exchanges. Crypto mining Since Tehran recognized it as a legal industrial activity in 2019, the industry is currently the most regulated industry.

Do you think Iran’s new encryption and blockchain association can achieve its goals? Share your thoughts in the comments section below.

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