Iranian Coin Bad for Crypto says Modulus Global CEO

“Less than two weeks after the industry kicked back against statements made by Congressman Brad Sherman, Iran’s government is angling to prove him right. He’s wrong, of course. It is utterly ridiculous to paint an entire industry with the broad brush of crime and corruption. But, undeniably, the industry needs to work harder to prevent the malfeasance of bad actors,” said Richard Gardner, CEO of Modulus Global.

“Fraud is bad — really bad. But what’s brewing in Iran will make industry enthusiasts yearn for the scandals of Turcoin. Fortune, yesterday, reported that Iran is moving ahead with a national cryptocurrency. Let’s be clear: Iran is no friend of crypto. After considering the use of Bitcoin last year, the country’s central bank torpedoed the idea, as well as the general concept of digital currency. Then, in an even more extreme move, they began clamping down on financial institutions involved in crypto. It is said that the action was taken to stop capital flight. Iran’s policy, clearly, was driven by national interest and worry over the strength of its fiat currency — not technology. And, now, as the country begins to signal its openness to cryptocurrency, it is driven by fear of sanctions. If Iran does, indeed, move forward with a national cryptocurrency, the whole industry should find itself uncomfortable with the arrangement,” continued Gardner.

Shortly after the firing of the former governor of Iran’s central bank, Alireza Daliri, who hails from the technological directorate of the Iranian Presidential Office, has been quoted as saying, “We are trying to prepare the grounds to use a domestic digital currency in the country. This currency would facilitate the transfer of money (to and from) anywhere in the world. Besides, it can help us at the time of sanctions.”

“Since 1984, Iran has been considered a state sponsor of terrorism. If and when the country launches its own cryptocurrency, it will, undoubtedly, be used to that end. Brad Sherman has made a lot of outrageous claims about cryptocurrency, but if the community does not wholly condemn this terrible, and likely tragic, misuse of the powerful technology within our industry, the industry will, in the court of public opinion, become complicit in the misdeeds of a nation which is an enemy to the libertarian ideas from which the crypto revolution was born. In closing, I would call on the rest of the crypto industry to denounce the actions of the Iranian government as contrary to the spirit of our industry. This is one moral test which we cannot fail,” concluded Gardner.

Please follow and like us:

Leave a Reply

Your email address will not be published. Required fields are marked *