Iran’s Central Bank Has Banned Banks From Dealing In Cryptocurrency
Iran’s central bank has banned the country’s banks from dealing in cryptocurrencies, including Bitcoin, for money laundering issues, the state news agency IRNA reported on Sunday as the country tries to stop a currency crisis.
The supreme committee of the CBI, also in charge of money laundering control and fight against capital flight in Iran, has issued a circular banning banks and financial institutions from transactions that enable buying, selling or promoting cryptocurrencies.
The ban comes as the country braces itself for the possible renewal of U.S. sanctions on May 12, which has seen the national currency. Reuters further reports that Iran has unified its official and open market exchange rates and banned all money changing outside of banks, as it attempts to prop up the country’s ailing financial institutions and halt further currency slumps.
Iran moved this month to formally unify its official and open market exchange rates and banned money changing outside of banks, after its currency, the rial, plunged to an all-time low on concerns about a possible return of crippling sanctions.
Reuters cites Iran’s state-run news agency IRNA as saying Sunday:
“Banks and credit institutions and currency exchanges should avoid any sale or purchase of these currencies or taking any action to promote them.”
“In a meeting with the board of directors of the Post Bank of Iran on digital currency based Won blockchain, the necessary measures for the pilot implementation of the country’s first digital currency were set out by using the country’s elite capacity. A pilot model for review and approval will be presented to the banking system of the country.”
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