Central Bank of Iran Prohibits Banks From Crypto Operations

April 23, 2018

Concerns about the use of cryptocurrencies by criminals for money laundering forced Central Bank of the Islamic Republic of Iran to prohibit all local banks from carrying out digital currencies transactions. The following message was published on the official website of the agency.

The attitude of Iran towards cryptocurrency has been worsening over past months. In October Deputy Head of the Ministry of Information and Communication Technologies Amir Hossein Davai said that the country can accept bitcoin as a legal tender and create the infrastructure for the use of it. However, after that authorities of the country began to refuse this idea, and in February it was reported that the government decided to restrict the use of digital currencies in the country. The Central bank of the country has taken this action.

The circular of the central bank says:

"Banks, credit institutions and currency exchanges should avoid selling and buying digital currencies, as well the promotion of them."

At the beginning of the month similar measures were taken in India, where the central bank barred local banks from providing their clients with services related to cryptocurrency or to proceed crypto transactions.

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