Why Is Iran’s Central Bank Banning Cryptocurrency Transactions?

The Central Bank of Iran has prohibited any cryptocurrency transaction.

– Iran’s Central Bank Imposes Ban on Cryptocurrency Transactions
– All local financial institutions in Iran has been given instructions NOT to accept any cryptocurrency-related transactions.
– The main concern that is being avoided is the possibility of money laundering.

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All the local financial institutions in Iran (banks, credit, and exchange institutions) have been warned by the Central Bank of Iran to steer clear of any cryptocurrency transactions. The Central Bank claims possible money laundering involved with the digital exchange platform.

All kinds of transactions – from selling or exchange – should not be promoted in the country, according to the Central Bank, as it may be an opportunity for the digital market to take over and control the currency in Iran.

All official and unofficial rates in Iran have been unified earlier this May, in an attempt to avert the currency from diving.

Read the full article here – https://www.bloomberg.com.