Iranian Government Does Not recognize Cryptocurrencies as legal Tender

The Iranian government has issued a new law that does not recognize cryptocurrency as legal tender, and does not recognize internal transactions made in cryptocurrencies.

According to the local news agency PressTV, on August 4, the Iranian government ratified and issued a new law stating that the government will not recognize any internal trading activities related to cryptocurrencies.

According to the new bill, the government and the banking system of the country will not consider digital currencies as legal tender, and the Central Bank of Iran will not guarantee their value. The new bill follows the comments of the Deputy Governor of the Central Bank of Iran, who in July announced that the purchase and sale of cryptocurrencies in the country is illegal.

The bill was presented in the light of the growing popularity of mining as a method of evading international sanctions. At the end of last month, the Iranian government equated mining with industries. Now cryptocurrency mining activities in the country are legalized, however, mining companies need to obtain a license for work.