Iran Minister Proposes Kish Island As Crypto Exchange Hub

Keshav Verma

1 year ago

2 mins read

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Iran’s ICT minister has made a proposal that the Persian Gulf island of Kish should be transformed into a crypto exchange hub.

Kish is an island off the Persian Gulf coast in Southern Iran, and it hosts one of the country’s free trade zones. Muhammad Javad Azari Jahromi, Iran’s information and communications minister, made the proposal during a visit to the island.

Kish has the infrastructure to emerge as a hub for international crypto exchanges in the region. Authorities need to start talks with neighboring countries.

The Persian Gulf island is a tourist location with over a million visitors each year. The government plans to make it a financial trade zone as well, which will further attract more people.

As the island’s excess energy can’t be sent to the mainland, the government allows it be used by crypto miners. According to a report from Financial Tribune, several mining farms are already up and running in the island.

Regulation Of Crypto Exchanges

Currently, trading of crypto is banned within the country, even though mining is allowed for licensed companies.

There are a few exceptions, however. In April, Iran’s Central bank authorized that the digital assets mined inside the country can be used for making payments of imports.

Policymakers in Iran are already at work for setting up the regulations for crypto exchanges, and the proposal from the ICT minister comes amidst it.

However, regulating digital assets isn’t a simple task. And no state body wants to take full responsibility over it.

The High Council of Cyberspace cited certain concerns related to cryptocurrency mined outside the country. The deputy chief said,

It is not clear who has developed cryptocurrencies. We have no precise information about those who have invested in the digital currencies. As such, we do not encourage investors to put their money into digital assets.

He also said, “Cryptos could help the country bypass sanctions in a limited number of cases,” and emphasized that central banks should come up with an approach to this effect.

The Central Bank of Iran has said that it isn’t in a hurry to announce the regulations related to crypto.

The institution intends to collaborate with other government foundations, like the High Council of Cyberspace, on a roadmap.

Bitcoin Back To Going Up?

BTC has enjoyed a week of overall upwards trend at last, after the huge drop-off last month.

BTC is 5% in the last 7 days | Source: BTCUSD on TradingView

It seems like the market is bullish again, but it’s unclear whether that is truly the case yet.

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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