Iran to Deter Banks from Bitcoin Market

Report Claims

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The financial businesses located in Iran are not allowed to deal with Bitcoin and also the other cryptocurrencies. This is according to one of the principal market regulators and also the Central Bank in Iran.

The central bank is afraid especially due to the illicit use of the various cryptocurrencies which are used in terrorist financing and money laundering. Therefore, the CBI (Central Bank of Iran) on Sunday released a circular which is meant to stop the technology used in the various financial institutions in the country. This is according to the National News Agency Report in the country. Therefore, the announcement was made public yesterday and was reported by the Iran anti-money laundering body on 2017 December.

According to the publication;

“Virtual currencies have the option to be used for money laundering, supporting terrorism, and exchange of sums between wrongdoers.”

Therefore, according to the report, the credit organizations, the currency exchanges, and the banks must make sure that they avoid the cryptocurrency purchases and also avoid the various actions which support them.

However, it currently remains unclear of the central bank’s extent for the blocking of the domestic cryptocurrency activities given the technology available and also the supportive views and comments which were made by the various public officials.

Therefore, Iran’s information and communications technology minister made a revelation that the central bank in Iran was involved in a development of a cryptocurrency to be given officially by the state government.

Iran’s cyberspace authority secretary made comments last year November and said that the nation welcomes Bitcoin provided that the required regulations have been set.

Naser Hakimi Central banker who is the new technologies deputy director made various remarks last year November that the Central bank was involved in the study of Bitcoin and also it plans a comprehensive review of the policies in Iran. According to the statement he made, they had their focus on the risk and uncertainty which was due to the cryptocurrency speculation in the market.

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