Direct Dialogue Between Digital Economy Stakeholders and the Central Bank, Alongside a Report on Meetings with the Heads of the Three Branches of Government
A specialized session titled “From Challenges to Solutions,” attended by representatives of the Central Bank and digital economy businesses, was held with the collaboration of the Transformation, Innovation, and Productivity Commission of the Tehran Chamber of Commerce and with the support of Nobitex. The session focused on challenges between fintech businesses and the Central Bank, the presentation of proposed solutions, and a report on recent meetings between digital economy stakeholders and the President and heads of the three branches of government.
According to the Public Relations Office of the Tehran E-Commerce Association, the session took place on Sunday, Aban 25, at the Tehran Chamber of Commerce. In addition to Central Bank officials and digital platform executives, the meeting was unexpectedly attended by Fatemeh Mohajerani, Government Spokesperson; Nooshafarin Momen-Vaghefi, Deputy Governor for New Technologies at the Central Bank; Reza Bagheri-Asl, Head of the Digital Economy Special Task Force; and senior managers from online platforms.
At the opening of the session, Maziyar Noorbakhsh explained that this was the fourth meeting of the Transformation, Innovation, and Productivity Commission held in cooperation with the Tehran E-Commerce Association. He stated that the purpose of these sessions is to create a space for direct dialogue on the issues and challenges faced by innovative businesses and startups in their interactions with the Central Bank.
Noorbakhsh emphasized that when both sides openly share their perspectives, legitimate concerns and defensible arguments emerge on each side. Holding such discussions in a friendly and informal environment, he noted, helps foster mutual understanding and reduces misunderstandings.
Outcomes of the Meetings with the President and Heads of Government
During the session, Nima Ghazi, President of the Tehran E-Commerce Association, presented a report on recent meetings between digital economy stakeholders and the President. He explained that preparations for these meetings took several weeks, but ultimately resulted in two significant sessions during which members of the Association and digital economy leaders were able to directly present key sectoral issues to the President and the country’s decision-making team.
According to Ghazi, following these discussions, the President committed to holding an official meeting with the heads of all three branches of government to address private sector concerns—a commitment that was fulfilled much sooner than expected.
Referring to one of the main topics discussed, Ghazi highlighted the Digital Economy Task Force and the private sector’s demand for representation within decision-making structures. He explained that during the meeting with the President, a direct question was raised regarding which businesses were represented on the task force. When it became clear that no private sector representatives were included, a proposal was put forward to allocate 50 percent of the seats and 30 percent of the voting power to private sector stakeholders.
Ghazi added that during the same meeting, the Minister of Economy made swift and decisive commitments, including the establishment of a Digital Economy Dialogue Council, the creation of a dedicated unit within the Deregulation Board, and resolving outstanding issues related to the Central Insurance authority.
Discussing the meeting with the heads of the three branches, Ghazi noted that although there was an intention to bring a broader and more diverse group of ecosystem representatives, time constraints prevented this. As a result, the final presentation focused more heavily on issues related to the Judiciary and Parliament.
He stressed that failure to make timely decisions on digital economy issues could lead to the loss of critical opportunities. He also stated that serious concerns were raised regarding the Supreme Council of Cyberspace and the absence of private sector representation in key decision-making bodies.
Ghazi further noted that issues such as internet access, filtering policies, and investment were discussed. The heads of the three branches expressed support for these concerns and committed to holding a session with the Parliament Research Center to review relevant legislation, as well as forming a Digital Economy Dispute Resolution Task Force within the Judiciary, with the participation of private sector representatives.
Bridging Digital Economy Growth with Existing Laws
Reza Bagheri-Asl, Secretary of the Digital Economy Task Force, also referred to the meetings with the heads of government. He warned that if the private sector does not present well-structured and precise proposals, regulations will be drafted without their input. He expressed concern that support plans for businesses are advancing without private sector involvement, raising fears that restrictive initiatives similar to “Protection Plan 3 and 4” could be implemented.
Bagheri-Asl highlighted the growing gap between bureaucratic structures and the fast pace of digital economy transformation, warning that this disconnect could lead to impractical and misaligned decisions.
Referring to Clause “Kh” of Article 107 of Iran’s Seventh Development Plan, he explained that this provision is a critical tool for integrating the private sector into policy formulation. Under this article, all government bodies are required to design and submit digital transformation programs in collaboration with private sector associations.
He noted, however, that despite the legal allowance for associations to submit proposals, no such comprehensive submissions have yet been received. If industry bodies provide clear, well-documented proposals, he emphasized, they can be pursued and converted into formal resolutions at both governmental and task force levels.
Bagheri-Asl also pointed to other legal capacities, such as those within the Financing Law, which empowers the National Financing Council to establish specialized and supervisory working groups. He argued that these tools have been underutilized in the digital economy, leading to a situation where digital transformation has diverged from traditional government processes, leaving both sides disconnected. Without building bridges between existing legal frameworks and the digital economy, neither policymakers nor businesses can achieve sustainable progress.
He further explained that sector-specific laws often act like “aquariums,” limiting business growth. Citing the expansion of the Knowledge-Based Companies Law from five to fourteen articles, he argued that excessive regulation can divert initiatives from their original objectives. Instead, existing legal capacities should be fully leveraged.
Bagheri-Asl noted that for the digital economy to scale, it requires approximately $2 billion in resources. While mechanisms such as tax credits and corporate social responsibility funding exist, resources are often directed toward low-impact projects. Redirecting funds to high-yield digital initiatives, he said, would produce faster and more meaningful results. He also pointed out that many government funds and assets have become inefficient and could be revitalized through digital tools.
From Supporting BNPL to Establishing Financial Regulation Councils
Continuing the session, Nooshafarin Momen-Vaghefi, Deputy Governor for New Technologies at the Central Bank, thanked ecosystem participants for their cooperation. She stated that over the past year, the Central Bank has recognized that without structured collaboration and collective thinking, meaningful cooperation is impossible. As a result, the Central Bank established the Financial Strategy and Regulation Council—a body chaired by the Governor of the Central Bank and composed of representatives from NASR, the Chamber of Commerce, the Ministry of Economy, and an independent fintech professional.
She explained that the Fintech Roadmap document has been developed with broad stakeholder participation and clearly outlines licensing frameworks and the future development path of fintech companies. The document is currently published on the Central Bank’s website for public feedback, with the aim of ensuring that final policies reflect genuine participation rather than internal decision-making alone.
On cryptocurrencies, Momen-Vaghefi emphasized that despite media hype, the Central Bank’s strict regulatory approach is intended to prevent crises similar to past financial scandals. She noted that while cryptocurrencies are not inherently harmful, their volatility places significant pressure on the country’s foreign exchange reserves, making strict regulation essential for economic stability.
She also announced that the Central Bank actively supports BNPL (Buy Now, Pay Later) models and has revised restrictive transaction policies over the past six months. The daily wallet transaction limit, previously set at 200,000 tomans, has been increased to one million tomans per day with a five-million-toman balance limit—covering over 90 percent of card transactions nationwide. This change reflects a more open environment for the growth of digital wallets.
Momen-Vaghefi added that the Central Bank is encouraging offline wallet models and expanding account-to-account payment systems. The “Pol” system, currently in testing, enables transfers without relying on card networks, using account-based identifiers instead of card numbers.
She also proposed a self-regulatory framework for the lending technology (LendTech) sector, allowing industry members to define compliance standards and enforcement mechanisms themselves—an approach that could reduce violations and accelerate decision-making.
Policymaking Must Be National, Not Fragmented
Mohammadreza Mani-Yekta, Director of Payment Systems Supervision at the Central Bank, concluded by noting that policymaking becomes more difficult amid intense external pressures. As economic resources shrink, prioritization and inter-agency coordination become increasingly challenging.
He stated that cryptocurrencies have, overall, had a negative impact on the country’s foreign exchange balance and that policymaking must prioritize national interests over the benefits of individual businesses. Mani-Yekta emphasized the need for continuous expert-level dialogue between public institutions and the private sector to manage misunderstandings and external pressures effectively.
He concluded that while the Ministry of Communications plays an important role, the digital economy is ultimately an economic issue and must be governed with an economic mindset. If specialized working groups under the Central Bank’s strategic councils function effectively, the digital economy can become a powerful opportunity to create new competitive advantages for the country.
The session concluded with an open Q&A, where journalists and business leaders shared their questions and perspectives.