“Bitcoin trading in Iran is illegal”

“Bitcoin trading in Iran is illegal”

A senior official at the Central Bank of Iran said that buying and selling cryptocurrency in Iran is illegal.

According to
Tasnim News, Deputy Governor for New Technologies at the Central Bank of Iran (CBI) Nasser Hakimi (Nasser Hakimi), said that trading in Bitcoin in the country is illegal, citing a related ban from the local body to combat money laundering – the Supreme Council to combat drugs and the prevention of money laundering and the financing of terrorism.

In an interview with Tasnim News, Hakimi warned against legal and investment risks associated with cryptocurrency trading, noting the high level of Bitcoin volatility. Along with this, the official also expressed concern about cryptocurrency advertising, which is used to promote fraudulent schemes. Khakimi also raised the question of the need to distinguish between the concept of cryptocurrency release and trade in them.

Earlier this year, it was reported that Iran plans to ban
use of bitcoin as a means of payment, and in February in Iran launched
gold-backed PayMon cryptocurrency. In parallel with this, the authorities began a prohibitive mining policy on cryptocurrency.

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In April, Chinese miners noted that they were facing problems in Iran despite cheap electricity, and in June it was reported that miners might lose
government subsidies for electricity. In addition, at the end of last month, Iranian authorities confiscated
about 1,000 ASIC miners located in two buildings of abandoned factories and working on electricity, which subsidized the state.


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