Millions of Iranians Own Cryptocurrency

Cryptocurrency, these days, is a popular investment among Iranians. The estimates are the number of those who already own one coin or may high as 12 million. Mostly, Iranian traders like local crypto exchanges, according to the chief executive.

Iranians Transfer $180 Million in Crypto Daily

Despite the lack of proper rules, several Iranians are investing in digital money. “About 7 to 12 million Iranians own cryptocurrency,” according to Hamed Mirzaei who is CEO of Bitestan (one of Iran’s crypto exchanges).

Mirzaei recently quoted by Peyvast magazine, “Iranians’ daily crypto transactions is almost 30 to 50 trillion rials ($181 million), despite the lack of regulation in cryptocurrencies.” According to the English-language business portal Financial Tribune, the executive also pointed out by saying: More than 88% of the deals are conducted via local exchange platforms.

Mirzaei explained that this amount is greater than the sum of all capital market transactions in the Islamic Republic. The blockchain entrepreneur also exposed to Iranian media, “About 7 to 12 million Iranians have cryptocurrencies.”

In May, digital coin exchanging platforms were accused of taking benefit of the unstable state of the stock market, while there was a huge decline in deals since last summer. At the time, the Central Bank of Iran (CBI) advised Iranians to avoid cryptocurrency and also warned them that all such investments would be at their own risk.

Later, the parliament asked the National Tax Administration to profile the buyers of Iranian cryptocurrency exchanges. The Speaker of the Majlis was named Mohammad Baqer Qalibaf wrote that imposing a ban on crypto trade is not enough. He asked the CBI to form precise regulations. In July, members of the Islamic Consultative Assembly proposed a bill of rules for the exchange market.

In April, the CBI allowed private banks and money exchangers to utilize locally mined cryptocurrencies to pay for imports but police went after other coin trade.