Tetherland CEO: Hiding the Tether Rate Will Not Change Economic Realities

In his article, Hosseinzadeh called for accountability over the results of the restriction policy

In his note, Hosseinzadeh demanded an answer about the results of the restriction policy

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Tetherland CEO Soroush Hosseinzadeh, criticizing the restrictions imposed on cryptocurrency exchanges, said that not displaying the Tether rate on websites does not change economic realities. He believes that instead of limiting this market, the policymaker should provide a clear report on the effect of his decisions on the exchange rate and the value of the national currency.

Hosseinzadeh, in a note published on Teterland's website, referring to the increase in the dollar rate from around 59 thousand tomans in January 1403 to around 259 thousand tomans, asked to what extent this policy was able to help control the currency market.

He also criticized the restriction on the settlement of funds of users of cryptocurrency exchanges and says that making it difficult to sell and settle assets does not necessarily lead to a decrease in prices and may disrupt the normal trading mechanism.

Tetherland's CEO believes that in order to evaluate the effect of the cryptocurrency market on the exchange rate, data such as the volume of transactions, the net inflow and outflow of capital, and the share of this market in comparison to other currency markets should be examined. According to him, without the publication of documented statistics, it is not possible to determine the market share of cryptocurrencies in currency fluctuations.

In addition, Hosseinzadeh considers chronic inflation, growth of liquidity, disharmony of the banking network and inflationary expectations as factors that should be taken into consideration in examining the devaluation of the national currency. He believes that limiting payment gateways or displaying the rate of a stablecoin alone cannot solve these structural issues.

At the end of his note, Hosseinzadeh demanded an answer about the results of this policy. His questions include the rate of exchange rate change after the implementation of restrictions, the amount of reduction in currency demand, the share of the cryptocurrency market in currency fluctuations, the costs of this decision for users and businesses, and the indicators for measuring its success.

He emphasizes that criticizing the blocking of portals does not mean opposing the supervision of the Central Bank; Rather, according to him, public policies should be evaluated based on reliable data, and in case of failure, they should be held accountable for their results.

I was an electrical student, I taught programming at the university, but eventually I became a journalist. The reason goes back to a repeated question from my fellow university student: "Why don't you write?". I am interested in reviewing financial statements and analyzing businesses.