Crypto Trading, Investing In Iran Illegal, Central Bank Governor Repeatedly Says Bitcoin News

Buying and selling cryptocurrencies is illegal in Iran, and the country’s top monetary authority recently cautioned citizens and businesses. But the governor said mining cryptocurrencies and using them to pay for imports does not violate Islamic Republic law.

Top Banker Confirms Crypto Trading Still Illegal In Iran

Central Bank of Iran (CBI) Governor Ali Salehbadi recently told local media that the buying and selling of cryptocurrencies and the use of digital assets for investment purposes are prohibited. At the same time, authorized persons and organizations can legally mine cryptocurrencies that can be used for international payments, officials said.

Citing regulations adopted two years ago by government agencies such as banks and the Ministry of Industry, Mines and Trade, the CBI chief elaborated that it is legal for Iranian companies to pay for imports in cryptocurrencies. He was quoted in a report in the English version of the Iranian Labor News Agency (ILNA) on Friday.

Salehabadi’s comments were made on Tuesday, with Deputy Trade Minister Alireza Paymanpak announcing Iran’s first import order using cryptocurrencies as a payment method. , revealed that the Islamic Republic used digital coins to purchase goods worth $10 million.

However, Iranian authorities are unwilling to allow cryptocurrency payments within Iran, and earlier this year Deputy Communications Minister Reza Bagheri Asl dashed those hopes. Instead, the government cracked down on local exchanges, allowing only banks and licensed money changers to use Iranian-mined digital currencies to pay for imports.

Since 2019, when Tehran authorities recognized mining as a legitimate industrial activity, many companies have obtained licenses to issue digital currencies like Bitcoin. However, energy-intensive production has been blamed as one of the causes of widespread power shortages and blackouts across the country, especially during hot summers when consumption surges due to increased demand for cooling and cold winters when heating is required. I was. gain.

As a result, registered cryptocurrency firms have been repeatedly told to shut down power-hungry equipment over the past two years. Meanwhile, Iranian power generation, transmission and distribution company Tabanir has tracked down illegal miners who have destroyed thousands of underground cryptocurrencies. farm.

Illegal establishments are often subsidized by residential areas. Last month, the utility vowed to take tough action against this kind of unauthorized mining, with ILNA claiming that one bitcoin mining his machine consumes as much energy as his 24 households. It cites the alleged Iranian official’s estimates.

During the interview, Salehbadi also drew viewers’ attention to the CBI’s plans to introduce a “virtual currency,” a central bank digital currency issued by the Iranian Monetary Authority that is expected to replace some of the banknotes. I was. In April, the central bank notified financial institutions of upcoming regulations related to the issuance of digital reals, indicating it was preparing to pilot a CBDC.

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CBDC, cbi, central bank, crypto, crypto mining, crypto payment, crypto real, cryptocurrency, cryptocurrency, digital currency, exchange, international payments, Iran, Iran, mining, payment, purchase, regulation, sale, settlement

Do you think Iran could change its stance on trading, investing and paying in cryptocurrencies in the future? Share your expectations in the comments section below.

Lubomir Tasev

Lubomir Tasev, a tech-savvy journalist from Eastern Europe, loves what Hitchens says. In addition to cryptocurrencies, blockchain and fintech, international politics and economics are sources of inspiration.

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Crypto Trading, Investing In Iran Illegal, Central Bank Governor Repeatedly Says Bitcoin News

Source link Crypto Trading, Investing In Iran Illegal, Central Bank Governor Repeatedly Says Bitcoin News

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