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CBI vice governor for IT Affairs Mehran Moharamian was quoted as saying by IBENA that the central bank sees cryptocurrencies as a solution for resolving inconsistencies and decentralising resources, something that many countries have started to benefit from recently.
He added: “The executive regulations [for e-toman] are being drafted and will be implemented soon.” He did not go into much detail on what the regulations are set to entail.
Moharamian added: "Fortunately, with the cooperation of the Central Bank and the Ministry of the Interior, the details of this issue are being formed. "Cryptography is a phenomenon that is not borderline, but it is assumed that anyone who wants to use cryptocurrencies mined inside the country for import is not prohibited and has the approval of the Council of Ministers."
He added that the CBI’s decision to back the proposal for the e-Toman has been on the mind of the board of the regulator for several months and the concept of decoupling the digital currency from the backing of the so-called Fiat standard which the current currency is backed by needed to be worked on.
It was in 2018 that the Informatics Services Corporation, the executive arm of the CBI in charge of operating the country’s banking automation and payment services network, was tasked with developing a national cryptocurrency.
Last week, the CBI and the Ministry of Industries, Mining and Trade reached an agreement to permit the use of cryptocurrencies in financial settlements. As part of the new scheme, the CBI and the ministry have agreed to link the central bank’s cryptocurrency platform with the ministry’s comprehensive trading system (CTS) to facilitate trading.
Last October, there was a small scandal when a room in the Tehran Stock Exchange building was discovered as set aside for cryptocurrency mining.
7.2 Forex platform
Iran Mercantile Exchange sets up another trading floor in cement
Iran Mercantile Exchange (IME) has set up another trading floor in cement, according to local media reports.
Following an announcement by the Ministry of Industry, Mining and Trade on banning the sale of cement outside the IME earlier this year, renewed interest in trading the commodity brought traders back to the central trading hub. Iranian cement manufacturers have now relisted their products on the exchange as part of the restructuring of sales.
Since June 30, when cement trades started on the mercantile exchange, 10.74mn tonnes of cement have been offered, against demand for 12.20mn tonnes. Total trading volume reached 8.79mn tonnes, IME data showed. Demand for domestic cement remains strong with the country aiming to build 4mn new houses and apartments over the four-year course of the Raisi administration, which took office in August. The commitment to the housing plan bumped up the cement price.
Iran has a growing regional export market for its cement, with sales expanding in neighbouring countries including Iraq, Armenia and Afghanistan, where the price of Iranian cement is often cheaper than what is offered by domestic
35 IRAN Country Report February 2022 www.intellinews.com