Introduction
Bitcoin is experiencing its best days globally, and the cryptocurrency industry is more dynamic and promising than ever. Not a day goes by without hearing good news about development, liberalization, support, and investment in this sector—from Russia to the UAE, from Hong Kong to the United States. However, this has nothing to do with our beloved country.
In Iran, we witnessed the harshest crackdowns against cryptocurrencies in January. The payment gateways of crypto exchange platforms were shut down for several weeks by the Central Bank without any legal explanation. This came just weeks after the Central Bank had also blocked the accounts of many platforms for 48 hours. These actions, which seem to lack any legal basis or convincing justification, are examples of mismanagement and irresponsible measures that can destroy any industry in the country. The destruction of Iran’s cryptocurrency industry benefits no one except foreign competitors and operators in non-transparent underground markets.
If a similar shutdown had happened to any of the state-owned banks, it would not have taken a week before that bank had no choice but to declare bankruptcy. Yet, crypto platforms have survived because they started operating without rent-seeking, support, or anyone’s permission—relying only on themselves and the trust of the people. As can be seen from public opinion on social media and in the media, the people still support Iranian crypto companies—an important and respectable point to consider.
The main conflict in Iran is not about these exchanges, nor about payment gateways, cryptocurrencies, or the entire industry. What is truly concerning is the lack of a national and development-oriented perspective in the country. This issue has turned these disputes into a fight over small slices of the pie—a topic I have written about in detail in an article in this issue.
In this issue, we have also covered Qatar’s massive investment in Bitcoin and new initiatives in the UAE, including the imminent launch of Tether (USDT) based on the Emirati dirham.
We must be seriously concerned about the “sovereignty of the rial.” With the current course of action, the sovereignty of the rial will suffer significant damage. No barrier can prevent the spread of foreign cryptocurrencies in the Iranian market, especially in its underground sector. The only effective strategy is to create an environment that allows Iranian companies to grow across all areas of the crypto industry, particularly in fields such as tokenization and decentralized financial services.
Iran’s cryptocurrency industry is a self-made and organic sector, and it will undoubtedly overcome the current challenges. However, what will be lost is the government’s ability to benefit from this industry and leverage it as a national tool for the country’s development. Development does not happen by chance; it requires strategy, intelligence, and commitment.
Until the next issue, stay with us.
