Bitcoin and Other Cryptocurrencies Dealings Banned in Iran | Bitcoin Update News


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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.
“The use of Bitcoin and other cryptocurrencies
in all the country’s monetary and financial
centres was banned,” the central bank said
in a statement overnight.
It said the government’s money-laundering
committee had taken the decision in late December
and it was now being put into effect.
The ban came because “all cryptocurrencies
have the capacity to be turned into a means
for money-laundering and financing terrorism
and in general can be turned into a means
for transferring criminals’ money,” it added.
Many in Iran see great potential in digital
currencies as a way to overcome problems related
to international sanctions and difficulties
facing the country’s ailing banks.
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.
But there are also fears that the technology
could undermine the country’s already weak
banking system and exacerbate capital flight.
Iranians working in the fledgeling private
cryptocurrency market said the ban was unlikely
to affect their operations.
“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 my opinion, it doesn’t include the general
public – it’s not a total ban on cryptocurrencies.”
Coinex had however halted activity on its
exchange platform because “we always want
to make sure we comply with the law”, he said.
“But I have seen other crypto exchanges were
still working normally.”

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