Ramzrial can be helpful in the fight against money laundering

Economic Reporter Report Iran is an economist Tahmasb Mazaheri, who holds a PhD in Financial Management from the Faculty of Management, University of Tehran, was the Governor of the Central Bank of Iran from September 2007 to 2008 and served as Deputy Minister of Economic Affairs and Finance from 2005 to 2006 and Minister of Economic Affairs from 2001 to 2004. And has been an asset. He was also the Secretary General of the Central Bank from 1991 to 1994 and from 1960 to 1964 he was the Deputy Chairman of the Program and Budget Organization. His agent management experience dates back to the mid-1980s at the Export Development Bank.

Emphasizing that the world is moving towards a global cryptocurrency, Mazaheri believes that the current cryptocurrencies as well as the exchange tools offered by the world’s largest companies are the preconditions for this.

He also believes that Ramzrial will be a kind of electronic money made of Rials and a tool along with other tools related to Rials.

The former head of the Central Bank, referring to the characteristics of the cryptocurrency, warns about the possibility of delegating authority to some commercial banks, using the tool of concern that the focus of the rial will be with the central bank.

Read his other comments about Ramzrial in an interview with an economic reporter below.

• Moving the world towards a single world currency

What is the world trend in the field of new exchange tools?

What is known today as cryptocurrencies with different names Bitcoin, Atrium, etc. is a human action to find and invent a tool for the exchange of goods that replaces the national currencies of different countries. Its main and distinctive feature is the international currency, the single currency independent of the national currencies of countries, which is not commented on by any government or central bank in any country or government. Has not published it and does not care about its value.

The only interference that may indirectly have a state or a country or a government on that single currency is the economic policies that it pursues in its own country that lead to the economic prosperity of its own country. That economic boom as a whole can affect the value of the world currency. Like inside a country where if a few good economic and productive units operate, the country’s economy grows, the value of that country’s currency is strengthened. It will be the same in the world. But the central bank and government intervention in that currency is eliminated and the world moves towards unification and a single world currency.

It starts as a hobby, in the form of current digital currencies.

• Corporations use their own commodity exchange tools

One step further is the commodity exchange tools defined by large corporations. Each of them is also a shape.

Like Amazon, those who want to buy books from Amazon will operate on Amazon-designated exchange tools. Even some big airlines like Lufthansa have defined a unit for themselves. Those who travel by plane can shop with Monus.

These are different forms of exchange tools and none of them are the same.

• Cryptocurrency will be a kind of electronic money made of Rials

Tell Ramzrial that it is going to be offered in Iran from September of this year.

Meanwhile, with the start of the new government, a change in the Ministry of Economy and the management of the Central Bank, there was a discussion that the Central Bank should issue national codes. People thought that this sex code was similar to bitcoin and had the possibility of mining and so on.

In the discussion of cryptocurrency, it seems that it is not out of two cases.

The first is that the publishers of this news did not study enough about the international cryptocurrencies, and in the second case, they did not carefully regulate the news due to the haste or haste to apply the news that they want to have a national cryptocurrency. The text of the news was not accurate enough, and this led to the ambiguity that, in addition to Bitcoin, another cryptocurrency was being released by the central bank, which is not true.

As an expert, I say that this national code is different from those codes. The distinctive feature of Ramzarz is that it is not published by any government. After the plan was hammered out in the media for a while, a number of economists discussed the issue and its dimensions became clear.

I and a few friends emphasized on this issue that this code, which is to be published by the Central Bank, will be a kind of electronic money in the country of Rials. The Central Bank’s Deputy Minister of Technology also confirms this.

Rial resources are created and managed in the country and people use them. The tools used by Rial sources in Geshour are various. The important point is that any money issued by the central bank affects the monetary base. Any costs incurred by the central bank raise the monetary base, from construction costs to running costs. The increasing liquidity ratio will vary according to the type and method of using those funds.

The increasing coefficient of liquidity is affected by the method of money circulation in the banking system. Obligations on the part of banks are usually approved and announced without relying on bank deposits. In particular, part of the facility facilities that are repaid and inevitably provided by the Central Bank.

Bonds that the government treasury prints and collects money in the capital market are usually short of resources to pay interest and principal, and are included in the headline of the government budget deficit, which the government provides in various forms and methods. . These are the places and methods of growing money and liquidity of the country.

• Instrument code next to other tools

The code to be released by the central bank is an exchange tool alongside other available tools. Next to the bank cards that we all have and use. We transfer money to the card with it, we enter cash by entering a code. Crystal Rial is another tool related to our Rial. Ramzrial is nothing but Rial.

What was the necessity of the cryptocurrency?

The word ‘password’ for the password is the same code we use to use the password. My guess is that the necessity that prompted it was the hasty and hasty announcement that the decision to publish ‘National Coders’ had been taken. It later emerged that the statement was incorrect in the form presented.

In my opinion, under the influence of the psychological atmosphere about the development and promotion of Ramzars, Ramzrial was raised. This national cryptocurrency has a different sex from cryptocurrencies, and of course it is expected to have advantages.

Can this code be used outside the borders?

Any kind of use that can be made from ‘Rials’ anywhere in the world can also be made from Rials cryptocurrencies. Of course, the Central Bank’s Deputy Minister of Informatics is currently designing and working on this issue. We have to wait for the central bank design to be finalized and announced. Then a more accurate judgment, evaluation and analysis can be done. According to my guess, the most probable feature is that the volume of operations in a transaction is higher than the current cards.

The current restrictions on cards are due to their security, how can this ceiling be expected to increase?

Certainly the password and security of this password is higher than the security of existing cards that have a 4-digit code. We have to wait and see what the final design of the central bank is

• Risk of lack of liquidity in commercial banks
• Concentration of cryptocurrencies with the central bank and the possibility of delegating it to some commercial banks

Its advantages and disadvantages have not been determined yet?

Not yet, I think the volume of operations in a transaction, especially for large production and commercial units, and with a high volume of transactions such as petrochemicals, steel, etc. can be facilitated with this tool. Their daily operations are billions. By doing this, they can facilitate transactions.

Second, there will be more control over the incremental coefficient.

The owner of an account that has Ramzarz is like having an account with the central bank in addition to the account he has in different banks.

The central bank enters into banking operations as an account holder. Most transactions are done through the central bank account.

If the cryptocurrency is designed this way, those funds will not flow into the commercial banking system in the form of bank deposits, and will not be converted into liquidity by a factor of 7.

This is my guess as an expert, although it has not yet been fully designed and announced. We have to wait and see how the final plan is formulated.

• Experimental implementation of Ramzrial at the provincial level or according to my prediction at the level of large companies such as petrochemicals and steel

We have to wait for the result in September. It has been announced that after completing the design, it will be piloted in a province. It can be predicted that at that stage, it will be done at the level of several large companies such as petrochemicals and steel, and after completion and elimination of problems, it will be implemented on a large scale.

• Ramzrial can be helpful in the fight against money laundering

Ramzrial can be effective and helpful in the fight against money laundering. Because the central bank directly sees how much money is paid from where and for what and to whom.

Of course, it should be noted that if the cryptocurrency accounts are kept in the central bank in the same way as expected, there will be a liquidity problem for commercial banks and commercial banks will lack liquidity, unless the central bank gives part of it to some banks. Delegate or represent.

In any case, we have to wait for the final plan to be presented. Of course, I recommend to Mr. Salehabadi and Mr. Moharramian that after designing it inside the Central Bank, and before publishing and announcing it publicly, a thorough consultation and consultation be held with knowledgeable and experienced people. Certainly, this action will help Shabani to improve and be less flawed.

Is the world moving towards decentralization? Are we moving towards centralization?

Let’s wait for the plan to be unveiled in September to see what happens.

Interview by: Maryam Salimi