Iran’s central bank declares ban on banking institutions using Bitcoin


The Iranian central bank banned domestic banks and financial institutions from engaging in cryptocurrency transactions. Iran has been steadily raising concerns about money laundering, but this is the first time official measures have been taken.

Iran's state-run news agency IRNA said, “It prohibits the purchase, sale and promotion of cryptocurrency for banks, credit institutions and foreign exchange exchanges.”

According to the Radio Free Europe / Radio Liberty report, the Iranian government “can use all crypto currency for money laundering and terrorist financing. It can also be used by criminal groups to anonymously transfer funds, “the Iranian Central Bank quoted a December circular.

Some said the central bank had taken such measures in preparation for the May 12 US economic sanctions extension.

At the moment, Iran is reported to be able to issue “national currency” “currency”, and there is also a voice in fear that the private cryptocurrency market will be activated and the influence of Iran's cryptocurrency will decrease.

In this respect, some argue that the “prohibition of private cryptographic transactions” is a sign that the Iranian government is a step backwards for the struggling regime.

According to Reuters, Iran is currently prohibiting the consolidation of official exchange rates and the exchange of money outside of authorized banks. These measures are intended to aid financial institutions and prevent a decline in the value of the currency.

Meanwhile, in February, Iran's state-run digital currency issue was compared to Venezuela's “Petro”. Petro is believed to be pushing against the US economic sanctions.

Image: Shutterstock.com

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