Proposing a Model of Policy making for the Crypto Currency Market in the Islamic Republic of Iran with an Emphasis on Security-Economic Threats of Crypto Currencies

Document Type : Original Article

Authors

1 Associate Professor, Department of Cyber Space Strategic Management, Faculty of Security, Supreme National Defense University, Tehran, Iran.

2 Ph.D. in Economics, Faculty of Economics, Allameh Tabataba'i University, Tehran, Iran.

3 Ph.D. Student in Cyber Space Strategic Management, Faculty of Security, Supreme National Defense University, Tehran, Iran.

Abstract

The lack of attention to policymaking for the cyberspace field in Iran, has left the opportunities present in this field under-utilized, whereas the harms emanating from this field are spreading. Policymaking has several dimensions, including problem recognition, design, formulation, legitimization, implementation, and evaluation. Cryptocurrencies are one of the products that are based on blockchain technologies. Even though many countries are searching for strategies to utilize the benefits presented by this technology, the challenges present in this field has meant that a unitary comprehensive approach to these challenges has not yet been proposed. A comprehensive model policymaking for cryptocurrencies, should take full advantage of global achievements, whilst being compatible with the local context and requirements. In line with foregoing, this article attempts to analyze the components of a policymaking model for cryptocurrencies; the relationships between them; the threats posed by cryptocurrencies; the key actors; and the potential roles of the central bank.
The present paper can be classed as mixed developmental-applied research. The qualitative data for the purpose of this study was collected via MaxQuda software. Data theorizing was based on qualitative analysis foundation's method. After undertaking coding, the opinions of experts in the field were gathered and analyzed according to structural equation modeling method of Partial least square (PLS). The model was subsequently confirmed by quantitative analysis. The paper ends with presenting suggestions for future research.

Keywords