Fear of US Sanctions Leads to Iran Banning Use of Cryptocurrency
Iran has prohibited the utilization of cryptographic forms of money by the nation's financial institutions after the administration chose to set up measures to battle illegal money-laundering, the state news office IRNA said. “Banks and credit institutions and currency exchanges should avoid any sale or purchase of these currencies or taking any action to promote them,” IRNA revealed.
The establishments are prohibited from purchasing, selling or promoting cryptocurrencies. The Iranian rial value has been taking a dip over fears the United States will reinstate sanctions in May.
According to the central bank,“The use of bitcoin and other cryptocurrencies in all the country's monetary and financial centers was banned. 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.”
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