Sunday, 09 May, 2021


Central Bank Of Iran Bans Banks From Crypto Dealings

Central Bank Of Iran Bans Banks From Crypto Dealings Central Bank Of Iran Bans Banks From Crypto Dealings
Bennie Garza | 23 April, 2018, 18:22

Iran banned the use of bitcoin and other cryptocurrencies by banks and financial institutions on Monday amid ongoing debate over how best to regulate the technology.

Iran Central Bank has banned the banks in the country from dealings in cryptocurrencies due to serious threats like money laundering.

This comes in the wake of reforms created to stabilise Iran's currency, the rial, which has fallen to an all-time low, amidst fears that the USA will reinstate sanctions that could cripple the country's economy.

Amidst the looming fears of some strict financial sanctions led by the United States, the Iranian rial has fallen to an all-time-low this month and so the central bank has introduced the latest ban on money transfers and swaps beyond banks.

Earlier this year, the country's 36-year-old Telecoms Minister Mohammed-Javad Azari Jahromi set up a team to create Iran's own cryptocurrency.

However you can find also worries that the tech exacerbate funding flight and can undermine the already poor banking process of the country. The ban has been imposed by the Asian country's central bank over concerns related to money-laundering.

Though cryptocurrencies, such as Bitcoin, have never been authorized in Iran, they were available in parallel markets.

"Within my opinion, it doesn't incorporate the general people - it's not really a whole ban on crypto currencies".

Nemati said Coinex stopped all activities on its exchange platform saying "we always want to make sure we comply with the law".

"But I have seen other cryptoexchanges were still working normally". The value of rial is steadily been plummeting over fears the U.S. would reinstate sanctions that could hurt Iran's economy. If the deal is scrapped, crippling sanctions will be reimposed on the Iranian economy.

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