Iran Is Sending Mixed Signals On Cryptocurrency Legalization

Global leaders are beginning to accept the fact that cryptocurrency represents a significant threat to the economic status quo. Responses have been mixed, with many nations sending confusing signals over crypto legality and regulation. Iran is one of these states, as it has recently taken moves both hostile and supportive of blockchain asset development. 

It is easy to see how crypto adoption could be a problem for the ruling Iranian government. The economy is already severely weakened, largely due to the crippling international sanctions that have been in place for several years. Tax revenue is down and the budget deficit is rising. Iran’s ruling regime has long struggled to squelch calls for greater democratic reforms. Thus, cryptocurrency use could further reduce the power of the nation’s leaders to maintain economic and social control. 

In July, Nasser Hakimi, a technology official for Iran’s central bank, announced that trading Bitcoin is illegal,…