Banking Market

Iran’s Central Bank bans crypto dealings

April 24, 2018


Iran’s Central Bank bans crypto dealings

Central Bank of Iran (CBI) banned the country’s banks from dealing in cryptocurrencies.

State news agency IRNA reports that the decision was made on Sunday.

Central Bank of Iran made the decision by its supreme committee in charge of fight with money laundering.

“Virtual currencies have the option to be used for money laundering, supporting terrorism, and exchange of sums between wrongdoers, pointed out the CBI circulation. Bitcoin does not abide by any governing rules and regulations in any countries and no government or bank round the globe monitor or supervises it.”

Reuters reports that Iran moved this month to formally unify its official and open market exchange rates and banned money changing outside of banks, after its currency, the rial, plunged to an all-time low on concerns about a possible return of crippling sanctions.

At the same time in February Iran’s current ICT minister Mohammad-Javad Azari Jahromi talked about the efforts towards exploring a state cryptocurrency using blockchain technology. Again in February IFP reported that the Central Bank of Iran announced it has never recognized Bitcoin and other cryptocurrencies as official currency within the boundaries of the Islamic Republic and conducts no transactions in them.

“The wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme have made the market of these currencies highly unreliable and risky.”