Iran bans use of cryptocurrencies – after its own currency hit an all-time low

Iran bans use of cryptocurrencies – after the rial hit an all-time low.

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Christian Ploog

christian.ploog@trijo.co

The move comes after the rial, Irans own currency, hit an all-time low recently.

The report that Iran now bans cryptocurrencies comes from a newspaper in the country. It is Iran’s central bank that has announced the ban. The measure includes “all monetary and financial centers of the country”. That includes banks and currency exchange offices.

The reason for the ban is that the country wants to “prevent crimes such as money laundering and terrorism”, reports the news agency AP via CNBC.

All-time low for the country’s own currency

Although neither bitcoin nor any other cryptocurrency has been authorized in Iran before, trades have still been available in parallel markets.

The move from Iran to ban cryptocurrencies comes after the rial, the country’s own currency, hit an all-time low earlier in April, reports AP via CNBC.

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