Iran’s central bank bans trading of crypto mined abroad

Asserting a big move into crypto space, the Central Bank of Iran banned trading of cryptocurrency mined from outside the country.

Iran’s central bank bans trading of crypto mined abroad

According to the announcement published on Thursday by local news outlet Iran International, the ban attempts to stymie capital flight from the country which could be attributed to the effects of its depreciating national currency, the rial.

The views are from Swiss qualified independent practitioner and attorney at law, Fatemeh Fannizadeh.

Iran has already banned the cryptocurrency using as form of payments, while the country’s financial institutions are free to use cryptocurrency, derived from sanctioned miners, to pay for imports.

However, the central bank’s intentions to regulate the inflow of fungible cryptocurrency from outside the country’s borders are still uncertain.

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