Iran Official Says Blockchain Could Improve Economy

In a report yesterday by leading international daily Tehran Times in Iran, the head of management development department of the vice presidency for science and technology Alireza Daliri said that blockchain could improve the Iranian economy.

Daliri was quoted by the news outlet saying, “This is possible with empowering the infrastructure of the blockchain technology with the help of government and the private sector.” He further suggested that the Iranian business community should open up its borders to the development of the technology in-line with over “140 [other] countries” exploring the new venture.

In his explanation of what the blockchain is, he recognized it as a “chain of blocks” which is used to “record information” and shared among members in a “blockchain network”. He also said that the blockchain’s immutable capability stemmed from its “strong cryptography”.

Daliri said: “We should coordinate with other countries in the world in terms of new technologies and the blockchain is one of the issues.” His view of the blockchain was that it is one of the emerging technologies.

While he does recognize the concerns of other governments about the blockchain technology, he opines that the benefits far outweigh the “damages” and for this reason, he was on the side of partnership and working with other countries who are embracing the technology. He added that “the vice presidency [could] decide to use this technology in different fields in the near future”, noting its multiple areas of exploits, especially in the “decrease [of] bureaucratic procedures”.

Daliri further said that the vice presidency plays a role in facilitating the “activities of the private sector active in the field of blockchain technology”.

Blockchain may be receptive in Iran but cryptocurrency was smeared with negative impressions when the Central Bank of Iran (CBI) in April banned the country’s banks from dealing with cryptocurrencies, expressing concerns over money laundering. This ban, however, did not last long and the nation turned to regulate the industry.

Initial concerns took an interesting turn when CBI requested the Informatics Services Corporation to develop a national cryptocurrency backed by the state. This was done in preparation for the looming inflation that was about to hit the country due to US sanctions. Against the US condemnation of the move to avoid sanction, the Iranian government says it is still on schedule with the release of a national cryptocurrency.

 

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