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Breaking: Iran Bans Banks from Cryptocurrency

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The western Asian Country, Iran is the next to say a NO-NO to CryptoCurrency. Central Bank of Iran (CBI) has issued a statement on Monday banning the use of cryptocurrencies including bitcoin by banks and financial institutions. This announcement came “amid ongoing debate over how best to regulate the technology,” the AFP elaborated.

The Central Bank further revealed that, “the government’s money laundering committee had taken the decision in late December and it was now being put into effect,” the news outlet conveyed and quoted the central bank explaining:

All cryptocurrencies have the capacity to be turned into a means for money laundering and financing terrorism and in general can be turned into a means for transferring criminals’ money.

According to the Central Bank of Iran, financial institutions and banks have been informed of this new development since days back. And moreover, this Monday announcement also affects the foreign fiat currency exchanges. 

Read Also: We want Regulation, Not a Governmental Backed CryptoCurrency – British Citizens

While many people in Iran see cryptocurrencies as a way to overcome problems with international sanctions and the country’s banking system, there are also those who fear “the technology could undermine the country’s already weak banking system and exacerbate capital flight,” the AFP explained.

In conclusion therefore, Iran has now joined the league of Countries that have banned cryptocurrency. 

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