Iran's financial businesses should not deal in bitcoin or other cryptocurrencies, according to the country's central bank and one of its principal market regulators.
Fearing the possible illicit use of cryptocurrencies in money laundering and terrorist financing, the Central Bank of Iran sent out a circular on Sunday to prohibit the use of the technology within financial institutions, the country's national news agency reports.
The announcement, made public yesterday, was passed by Iran's anti-money laundering body in December, 2017.
According to the report, banks, credit institutions and currency exchanges must now avoid the sale or purchase of cryptocurrencies, as well as taking any action to promote them.
Still, it remains unclear to what extent the central bank is able to block domestic cryptocurrency activities given both the availability of the technology and the supportive views held by some public officials.
The country's Information and Communications Technology Minister, for example, revealed in February, that Iran's central bank is developing a cryptocurrency that would be administered by the state government.
In comments from last November, the secretary of the Iran's cyberspace authority went so far as to say the nation "Welcomes" bitcoin, provided there are proper regulations.
Earlier, Central banker Naser Hakimi, deputy director of new technologies, made remarks in November that the central bank is studying bitcoin and that it plans a comprehensive review of its policies in this area.
Were focused on the "Uncertainty" and "Risk" brought about by cryptocurrency speculation in the market.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Iran Said to Bar Banks from Bitcoin Market
gepubliceerd op Apr 23, 2018
by Coindesk | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.