Central Bank Official Warns Public, says Trading Cryptocurrencies in Iran is Illegal

July 8, 2019 1:11 PM UTC


Trading cryptocurrencies is now illegal in Iran, a senior government official to Iran revealed, according to a report from a source on July 8.

Per the report, the deputy governor of new technologies at the Central Bank of Iran, Nasser Hakimi, stated that buying and selling of Bitcoin in Iran is illegal, as the Central Bank’s deputy governor also cited a similar stance on the status of cryptocurrencies by local Anti-Money Laundering agency, the Supreme Council of Combating and Preventing Money laundering and Financing of Terrorism Crimes, who had also banned trading of Bitcoin.

Nasser also warned the public against legal and investment risks associated with trading of cryptocurrencies, which he said is as a result of the high volatile nature of Bitcoin. He further warned the public against crypto advertisements that only market cryptocurrency pyramid schemes.

An earlier report in June, disclosed the proposed bill by the Iranian government to charge electricity bills at real prices. This is as a result of the activities of cryptocurrency miners reported to be the cause of the increase in the cost of subsidizing power generation for consumers, owing to a recent spike of about 7% in electricity consumption.

In the same vein, the Iranian government reportedly clamped down on two now-defunct mining farms, confisticating over 1000 Bitcoin mining machines.

Also on July 6, Iranian Ministry of Trade, Industry and Supply stated that the United States Congress is working to block it’s access to cryptocurrency mining, which according to the Minister is targeted at preventing Iran from using cryptocurrencies as a tool for evading sanctions.

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