Iranian Central Bank bans crypto currencies

The Iranian central bank forbids the banks and financial institutions of the country to use crypto currencies. This was reported by the state news agency last Sunday. The decision is primarily intended to combat money laundering, according to the press release. At the same time, however, the depreciation of its own currency, the Iranian rial, is likely to play a pioneering role.

The Iranian Bitcoin revolution has been depreciating massively for weeks

The hesitation has come to an end: after the Iranian Bitcoin revolution on the international foreign exchange markets suffered severe setbacks of recently almost half its Bitcoin revolution value, the country’s central bank takes action. As the state news agency reported last Sunday, the Iranian central bank CBI is now banning the country’s banks from using crypto currencies. The decision is tantamount to a ban on Iranian crypto users. Officially, the aim is to counter the criminal potential of the currency alternatives.

That’s what the memo says: “Virtual currencies can be used for money laundering, terrorist financing and the exchange of funds between criminals.”

Furthermore, the central bank justifies concrete need for action due to a lack of state supervision:

“Bitcoin is subject neither to regulatory rules nor to the legal framework of any country and no government or bank monitors or controls it worldwide.

The ban marks a sudden turning point for crypto users in the country. In the course of last year, Iran initially adopted a hesitant attitude towards crypto currencies, which are very popular in the country. Several times it had been stated that it wanted to take regulatory action, but had refrained from a ban until here.

However, a clear headwind had arisen at the beginning of the month in the wake of the Telegram ICO. Hassan Firouzabadi of the Iranian High Council for Cyberspace, for example, expressed criticism. He accused Telegram of posing a threat to the Iranian economy and undermining the Rial.

Gamechanger nuclear deal: Bitcoin revolution in crisis

The fact that the central bank has now finally taken the rigorous step is due to the country’s double-edged economic situation. Iran is currently convincing in terms of economic growth and Bitcoin revolution development indicators. Uncertainty about the Bitcoin revolution scam situation in the country, especially in the wake of the offensive foreign policy, however, has left President Ruhani’s plans for Western investment to fade away.

Rather, the unequal distribution of prosperity has attracted thousands to the streets since this year, driving the population to non-state pay alternatives such as Bitcoin.

However, the currency is groaning under a heavy load. For weeks the Iranian rial has been depreciating massively against the US dollar on the international currency markets. The most likely reason for the trough is the possible resumption of currently suspended US sanctions on Gulf oil.

These will be on ice until May, but then a groundbreaking decision for Iran will be made: that of the Americans on the international nuclear agreement with Iran.

EU members led by Germany and France are currently negotiating with the US president and advertising the deal, which Trump repeatedly publicly rejected in the election campaign.

At the end of March, however, there were indications that Iran was threatened with dark omens despite the maintenance of the agreement and the absence of new oil sanctions by the Americans. It became clear that Europeans could also introduce new sanctions as a concession to Trump’s criticism of Iran.

Tehran should fill this with great concern. Tehran is now putting a stop to such excuses this week, because the Iranian citizens could evade the currency collapse with Bitcoin & Co. and ultimately fire it up themselves.