Iran: why ban cryptos?

The cleaver has just fallen: the Central Bank of Iran (CBI) banned the use of cryptocurrencies in Iran. While the national currency is at its lowest, financial institutions will no longer be able to turn to Bitcoin and altcoins.

Cryptos are not welcome in Iran, this seems to be the latest move by the Central Bank of Iran (CBI). However, the CBI restriction does not currently apply to individuals but affects banks, lending institutions and trading platforms. A blow to these financial institutions at a time when crypto-currencies are becoming more and more popular.

If the Central Bank of Iran has made such a decided decision, it is for several reasons. She argues that cryptocurrencies are used to launder money and support terrorism. Digital currency exchanges between criminals are also denounced.

To combat the use of cryptocurrency by financial institutions in Iran, sanctions will be applied. What deter those who would be tempted to override this measure. And in order to avoid that, in the face of the decline in the value of the rial, the citizens of Iran do not turn massively to bureaux de change, another measure has been taken by the CBI: that of limiting the detention per person to the equivalent of $ 12,250 in foreign currency liquidity.