Iran Censors Cryptocurrency Dealings in the Country
Iran has reportedly imposed a ban on major cryptocurrency deals. The government has levied censorship that has put a stop on Iranians from having vital links to the major crypto exchanges.
Since May, cryptocurrencies were under close supervision in the country, as the government levied stringent rules on the dealings. “Every crypto exchange in Iran [has been] filtered since May,” said an Iranian bitcoin advocate to CoinDesk.
The country was on the verge of a Blockchain boom, when the move was undertaken just prior to the US renewing sanctions in August and November. But amidst this market indecision, while some say the market is in a state of mere “uncertainty”, some other currency service providers opine that local users won’t be blocked.
Several Iranians are unable to suitably access crypto exchanges like Binance, Blockchain and LocalBitcoins. “Many people are using it [bitcoin] as a hedge instrument because buying BTC is easier than going into the black market to buy yourself US dollars,” said an Iranian cryptocurrency veteran from the country.
Ahmad Khalid Majidyar, director of IranObserved Project at the Middle East Institute, said, “[President Rohani] doesn’t want Iranians to transfer foreign currency, especially dollars, outside the country.”
Majidyar told CoinDesk: “If [diplomacy] falters, it would mean there are more restrictions, and definitely cryptocurrency would be impacted as well.”
The question of the hour is, will this censorship stop the country from dealing in cryptocurrencies? Many of the Bitcoin experts have stated that the government’s decision might act as a speed-breaker to the country’s crypto market but stakes are high that this won’t stop the trading altogether. One of the anonymous sources told CoinDesk, “They always find the way.” Some have even confirmed that the trading is still going on in closed circles and the dealings are getting done in cash.
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