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Local Iranian Banks Banned From Partaking In Cryptocurrency Transactions

By Niels
Published 8 months ago

As of last week, the central bank of iran enforced rules that banned the local Iranian banks from partaking in cryptocurrency transactions. This decision is not unexpected as the country is in the middle of a currency crisis. The rial, Iran’s currency, is currently at an extreme low point. As of the time of this article being written, 1 IRR is worth only 0.0000237953USD.

Seeing as Bitcoin is an unregulated industry, the central bank wants nothing to do with Bitcoin, right now going as far as banning it. they are afraid that Bitcoin may cause even more financial instability in the already unstable times. There are also concerns that Bitcoin encourages money laundering activities involving cryptocurrencies.

 

In an official notice, the central bank commented “the sale or purchase of cryptocurrencies should be avoided”. Additionally, ICO’s are not allowed to “take any action to promote these currencies” either. The central bank also warned Iran back in 2017 not to trade or work with cryptocurrencies, but it seems now they are enforcing that warning with strict rules.

 

Whether or not these rules will have any impact on cryptocurrencies remains unclear. But Iran isn’t the only one who is not a fan of bitcoin, will other countries who are on the edge about Bitcoin and cryptocurrencies follow in Iran’s footsteps?

 

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