Iran has banned all banks from cryptocurrency dealings

ACCORDING to Reuters, Iran’s central bank has banned all banks from dealing in cryptocurrencies, this order was made over growing money-laundering concerns, Iran’s state news agency; IRNA reported on Sunday in an attempt to halt a national currency crisis.

IRNA said: “Banks and credit institutions and currency exchanges should avoid any sale or purchase of these currencies or taking any action to promote them.”

Iran made huge movements to unify their open market exchange and had even went as far to ban money changing outside of the banks.

This decision was made after the national currency, the rial, had plummeted to an all-time market low, working alongside news of the return of incapacitating sanctions.

President Trump will give authorization by May 12 to restore the U.S sanctions made on Iran, this would cripple Iran’s economy and punch a significant blow to the pact which was made between Iran and six major world powers in 2015.

If these sanctions were to go ahead this could possibly strengthen the Iranian public’s reliance on cryptocurrency such as Bitcoin just as Venezuela are at the moment.

The ban on cryptocurrency dealings by banks isn’t a rare occurrence as India’s Reserve Bank had banned all dealings with cryptocurrency earlier this year.

Recent posts