Iran Central Bank vary of Cryptocurrency

  • CBI said that people must be aware of risk while investing in cryptocurrency 
  • The court cases related to crypto mining is rapidly increasing
  • Daily average crypto transactions in Iran is about $30 million

Authorities of Iran’s central bank have alleged that cryptocurrency has not played a significant role in disobeying the laws of the economy. Mohm. Mani Yekta, the head of the payment system in CBI, said that cryptocurrency doesn’t contribute to circumventing the sanctions. To contravene the report by MRC, the apathetic evaluation of cryptocurrency by an Iran authoritative to stop illegal activities. The Iranian publication states that cryptocurrency mining is coming with a new and efficient cryptocurrency path. The Central Bank of Iran believes that it’s too much of a risk to invest in cryptocurrency and with no central body to control the flow of cryptocurrency. It’s highly volatile, and there is no central body to control it. Bitcoin price is continuously rising day by day. On 29 December 2020, the price of bitcoin touched $30,000.

Crypto mining as an illegal industry

In Iran, court cases are increasing day by day of illegal activities due to crypto mining. Ali Tazreji said that the ministry of industries needs to work with the judiciary to stop illegal activities due to crypto mining. In 2019 the government said that we would make crypto mining legal in Iran. This was excellent news for miners, but mining takes high electrical power, the utility companies take it as an illegal activity. The CBI earlier said that crypto mining is illegal in Iran, we will be banning people from using it. They have to modify the rules and regulations for mining and trading cryptocurrency, the government and central bank of Iran are working on it. 

Regulations need to be amended

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Daily average crypto transactions in Iran is about $30 million but later authorized said that it was fake news about crypto in high profits. Cryptocurrency does not have a role in building Iran’s economy. Sometimes the Central bank of Iran uses blockchain technology like in Iran nuclear agreement. This decision does not show that the government and the central bank of Iran do not support cryptocurrency or crypto mining. They don’t want to put miners in trouble because all crypto miners are not doing illegal activity. So they said that the central bank of Iran would come with new rules and regulations to help miners, to pay for imports.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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