TEHRAN – The Macroeconomic Committee of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) hosted a meeting on Saturday to discuss the issues related to the exchange of cryptocurrencies in the country.

The meeting was also attended by the members of other ICCIMA committees including the development of non-oil exports, energy, knowledge-based businesses, as well as money and capital markets, ICCIMA portal reported.

The attendees of the meeting stressed the need for passing definitive laws and regulations in this field as the first and most important factor to create the necessary basis for the development of this sector.

Speaking in the meeting, Ali Shams Ardakani, the head of ICCIMA Energy Committee presented a report on the cryptocurrency markets around the world and said: “First, the private sector needs to have a comprehensive understanding of the cryptocurrency market and after identifying the functions of such currencies necessary meetings should be held with officials and policymakers for presenting the demands in this field.”

“The private sector should be aware that policymakers may make wrong decisions due to lack of knowledge in this area, and we should try to collaborate to make the context of this industry known to them,” he added.

Further in the event, Farzin Fardis, a member of the ICCIMA committee of knowledge-based businesses, mentioned some of the challenges and issues that the people active in this area are currently facing and said: “The biggest concern of people and businesses in the field of cryptocurrencies is uncertainty with legal issues, sharp fluctuations in value, lack of security and fraud, lack of transparent support and religious considerations.”

The technical-legal structure of the cryptocurrency market should be reformed under the supervision of the Central Bank of Iran (CBI), he stressed.

EF/MA