The unveiling of a new system during the recent International Exchange, Bank and Insurance Fair (IRAN FINEX) in Tehran has aroused speculations that Iran might be planning to legalize Bitcoin as a legal currency in a bid to survive the new round of US bans.
This comes as governments and other official economic entities are relatively suspicious about it. The suspicion along with the uncontrollable nature of the cryptocurrency have led many countries in the world not to recognize and accept it legally.
However, there are some other countries, which recognize Bitcoin and even allow their residents to exchange the electronic cash into their own national currency or other foreign currencies.
For Iranians who are interested in the digital currency or have decided to invest in it, it is not possible to exchange their digital investment into the Iranian Rial or other currencies. That is because the Central Bank of Iran has not yet recognized Bitcoin.
Bayan Emrooz Law Firm was founded in 2008 under the registration No. 23211 in Tehran, and renders legal consultation and attorneyship services to foreign or domestic legal and natural persons. Our approach and main purpose is to expand the culture of utilizing legal consultation in civil and commercial matters in order to prevent high personal or social costs spent on resolution of disputes before judicial and non judicial authorities.