Iran Warns Crypto Investors Amid Ban on Bitcoin Mined Outside Its Borders
The Central Bank of Iran has issued a warning against unrestrained crypto trading and reminded investors that only cryptocurrencies minted by licensed miners in the Islamic Republic can be used under limited circumstances. Traders will bear full responsibility for the risks, the bank cautioned, although spending crypto on imports through approved banks and exchanges remains legal. Central Bank of Iran Speaks Against Crypto Investments Despite Plunging Stock Market The popularity of cryptocurrencies among Iranians has grown significantly with the rising prices of the decentralized assets....
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According to a news report by Iran International, the Central Bank of Iran (CBI) has banned its citizens from trading bitcoin and other cryptocurrencies mined in foreign countries. Regulators Have Issued Thousands Of Licenses For Mining According to a tweet from news organization Iran International, Iran’s Central Bank announced a Cabinet decision on Wednesday requiring […]
The Central Bank of Iran has reportedly banned its citizens from trading bitcoin mined outside of the country in an attempt to stop capital flight.
Iran has updated its rules on officially mined cryptocurrencies like bitcoin so they can be used more widely for import payments.
A difficult-to-enforce ban may actually be part of a larger sanctions-avoidance strategy. In a broader effort to circumvent the effects of sanctions, Iran may be attempting one of the first instances of digital currency protectionism. According to a Tweet from news outlet Iran International, The Central Bank of Iran announced a decision from the Cabinet on Wednesday decreeing that digital currencies traded in the country must have been mined, or “extracted” there as well, barring the exchange of digital assets mined abroad.While many observers have pointed out that enforcement would be....
The Central Bank of Iran has authorized banks and currency exchangers to use cryptocurrencies mined by licensed crypto miners in the country to pay for imports. Meanwhile, a bill is being drafted to provide regulatory clarity regarding crypto-related activities. Using Cryptocurrencies to Pay for Imports The Central Bank of Iran (CBI) has announced that banks and licensed currency exchangers can use cryptocurrency mined by licensed crypto miners in Iran to pay for imports, the Financial Tribune reported on Saturday. The publication described: The central bank says that lenders and licensed....