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Nobitex CEO at Alcomp: Restrictions are driving capital away from native cryptocurrency platforms

The CEO of Nobitex considered the use of cryptocurrency for domestic and foreign payments and the entry of traditional institutions into the blockchain industry as two conditions for the growth of the crypto industry in Iran and the world, and said: There are limits to creating restrictions in the cryptocurrency ecosystem; Because cryptocurrency is fluid and if these restrictions increase, Iranian users will go to foreign platforms and even underground space.

Amirhossein Rad, in the panel “The Ecosystem that Surprised Everyone” at ElComp Exhibition, referring to the limitations and problems that have threatened Iran’s cryptocurrency ecosystem in the past years, said: If I want to look back, years like 1999 And 1400, we didn’t know what decision the legislature and the government would take tomorrow about cryptocurrency exchange platforms, and there were always serious concerns. There was no common literature and no suitable space for dialogue, but as we progressed, we tried to increase these dialogues, and communication channels were formed with the government, parliament and other legislative institutions to create an understanding between the concerns of the government and the needs of the ecosystem and the private sector.

He continued: In the past two or three years, the cryptocurrency ecosystem has grown and passed the point where it is meaningless to talk about removing it, and a level of awareness has been formed to avoid taking negative actions. Although there are still some concerns, instead of eliminating this phenomenon, the way of looking at it is to limit it so that the hands and feet of the ecosystem are closed and its impact becomes less. One of these limitations is the limitation of bank portals for depositing and withdrawing.

Stating that the result of the new look is the imposition of restrictions to make the cryptocurrency field more controllable in the country, the CEO of Nobitex added: the problem is that there is a certain threshold and limit for this type of restrictions. Due to the fact that cryptocurrencies are liquid, there is a risk that with the severity of the restrictions, capital will escape from native platforms and go to foreign platforms and, worse, to the underground market, in which case control will be lost.

Rudd said: “Platforms have made the crypto space reasonably transparent; Both from the user’s side and the discussion of property security, and from the government’s side in the discussion of Internet crimes and frauds.

Stating that the restrictions have made our work difficult and harmed the interests of the business, Rad said: The change in the environment since four years ago in Iran and in the whole world has been positive and has grown a lot. Among the big companies in the world, we see the names of crypto companies that were not there before. For example, now the value of Binance is unofficially over 100 billion dollars. Crypto has devoted an important part of the world economy to itself in these few years, and blockchain has been one of the main trends in the last few years.

The CEO of Nobitex, referring to two main trends that can be prominent in the world, said: One main trend is blockchain, which, although the real decentralization has not yet happened, maybe in the future cryptocurrency platforms will move towards a completely decentralized space; Especially with the events that have happened in the US regulatory environment, perhaps the movement towards decentralization will increase.

Rad considered another main trend in the field of artificial intelligence and added: artificial intelligence will attract a lot of capital and create a new space in the digital economy. Maybe in Iran we will see these events in the coming years, but the world is going in this direction and if we don’t think about it, we will be left behind.

The CEO of Nobitex emphasized: The private sector also has a capacity and to some extent it can stand and resist the difficulties faced by the business and it needs a complementary force from the government side. The government should take measures to encourage the private sector to invest in new technologies.

Regarding the expansion of cryptocurrency and crypto in people’s lives, he said: the condition for the expansion of the crypto industry is to make this industry usable, and the more blockchain and cryptocurrency are integrated with people’s lives, the bigger the industry will be and we will have bigger startups. For this purpose, two things must happen; First, cryptocurrency should be recognized and confirmed as a means of payment both in domestic and foreign exchanges, which connects cryptocurrency with people’s daily lives. Another thing that should happen is the entry of traditional institutions into crypto.

The CEO of Nobitex continued: A large part of society likes to enter the cryptocurrency market, but they are afraid, and tools must be created to control these risks, one of which is ETF investment funds.


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