Iran prohibit use of Bitcoins, cryptocurrencies

Iran prohibit use of Bitcoins, cryptocurrencies

Iran prohibit use of Bitcoins, cryptocurrencies

In a move that some media outlets are describing as an effort to ban cryptocurrencies, Iran's Central Bank has directed banks and other financial institutions to avoid all crypto-related transactions.

"This ruling referred directly to banks, financial institutions and currency exchangers that work with the central bank", Hadi Nemati, who works for cryptocurrency exchange platform Coinex, told AFP.

In its circular, the CBI further claimed cryptocurrencies "have the option to be used for money laundering, supporting terrorism and exchange of sums between wrongdoers", state-owned IRNA, Iran's official news agency, revealed.

On May 12, USA president Donald Trump sees a deadline to either sign a presidential waiver on Iranian sanctions or formally withdraw the United States from the Obama-era nuclear accord.

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

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But the central bank did not agree.

This decision to curb the cryptocurrency trading comes as a part of the recently introduced reforms by the Iranian government as it tries to limit the use of foreign currency by its citizens in an attempt to control the fall of its own fiat currency - the Iranian rial.

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.

The Reserve Bank of India (RBI) has given banks three months to unwind their exposure to virtual currency exchanges.

The news of the cryptocurrency trading ban does not appear to have significantly affected the bitcoin price; right now, it's sitting around $8,900 and has been gaining value for the last several weeks or so.

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