Iran's High Council of Cyberspace (HCC) has opened up about its embracive approach to cryptocurrencies like bitcoin in the country.

Iran's HCC, a prominent authority that could decide the legality of cryptocurrencies in the country, has welcomed the prospect of bitcoin in Iranian society, under well-defined regulations.

Speaking to Iranian news agency ILNA, HCC secretary Abolhassan Firouzabadi said in quotes reported by the Financial Tribune:

We [at the HCC] welcome Bitcoin, but we must have regulations for Bitcoin and any other digital currency…Our view regarding Bitcoin is positive, but it does not mean that we will not require regulations in this regard because following the rules is a must.

The official went on to reveal a robust bitcoin ecosystem in the country that sees the cryptocurrency utilized as a payment method, in financial services and even startups carving a space into a new industry altogether. "[M]any in Iran are dealing with Bitcoin, be it purchasing, selling or mining it, and even dealing with it in exchange shops, creating content and establishing startups," Firouzabadi said. In light of its growing adoption and noteworthy price gains this year, the official confirmed that both the HCC and the Central Bank of Iran are studying cryptocurrencies to understand them.