Home News Bitcoin Iran Proposes India to Establish Joint Fund for Exchange of Cryptocurrencies

Iran Proposes India to Establish Joint Fund for Exchange of Cryptocurrencies

July 25, 2018 16:26
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On Tuesday, the Vice President and Head of Iran’s Cultural Heritage, Handcrafts and Tourism Organization asked for an establishment for seamless exchange of cryptocurrencies between the two countries.

Not a lot of information has emerged from the discussions that were held between Ali Asghar Mounesan and the Indian Ambassador to Tehran Saurabh Kumar. However, local news channel Islamic Republic News Agency (INRA) said, “Indian tourists can acquire their Electronic Visa (e-Visa) at Iranian International Airports.”

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This plan was sounded in a bid to increase tourism in both countries. At the moment, it’s not clear what cryptocurrencies may be involved.

During the meeting, the Indian envoy said that after issuance of e-visa in the Iranian airports, the number of Indian tourists visiting Iran has significantly increased.

Referring to the strong commitment among the Iranian and Indian officials to develop two countries’ ties, Kumar called for execution of two countries’ cooperation documents.

Although there is not much information, to go on it will be interesting to see how exactly this plays out. This is mainly because certain bodies of the Indian government have emphasized that dealing with cryptocurrencies is not something they are interested in.

At the moment, India is on the threshold of a very important development. The cryptocurrency community in India is up against the central bank, the Reserve Bank of India in which the former has filed petition against the latter in response to the directive the RBI had imposed on Indian banks.

The directive stated that all banks falling under RBI needed to terminate their working relationships with cryptocurrency exchanges.

The final date of the hearing will take place at the Supreme Court on September 11, of this year.

A similar conundrum was presented in May, when there were rumours floating about the possibility of Coinsecure listing Venezuelan cryptocurrency Petro on its platform. However, on that occasion, Minister of External Affairs (MEA), Sushma Swaraj nipped the rumours in the bud. Citing RBI’s April 5 circular, she had stated that country’s central bank did not allow trade using cryptocurrency.

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