Cryptocurrencies Have Been Banned in Iran

The money centers and financial institutions of Iran will no longer accept digital currencies due to the ban of the authorities. The ban on the use of virtual currencies was approved in connection with financial terrorism and money laundering.

The decision was approved on the eve of last year, but despite this, the official announcement of the bill was published only on the 22nd of April.

In April, Iran underwent significant financial reforms that have leveled the market and official exchange rates, and the exchange of currencies outside of banking institutions was banned. The measure was approved due to a significant fall in the national currency of the rial due to the fact that economic sanctions were again undertaken from the United States. The authorities set a rate of 42000 rial for one dollar, when in exchange offices the exchange rate reached 60000.

We want to point out that the Reserve Bank of India adopted a ban on the provision of services to individuals and companies by regulated organizations in early April. Due to the risks that accompany the use of cryptocurrencies, the central bank repeatedly notified the population about possible threats.

As a result, cryptocurrency traders in India will no longer be able to deposit funds and convert them into the fiat currency. Most likely, they will be forced to use peer-to-peer trading platforms.

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