Main page News, Crypto Market, Cryptocurrency, Regulations
Hot topic
May 21, 2020
149 149

The Iranian government is considering tightening of the cryptocurrency industry regulation by banning the activity of cryptocurrency exchanges in the country, first reported citing local news outlet ArzDigital.

According to ArzDigital, Iranian authorities have prepared the draft of the bill which says that Iran’s current foreign exchange and currency smuggling laws should apply to cryptocurrencies as well.

Russia Could Lift Ban on Telegram

Cryptocurrency exchanges in the country, according to the published draft, will be obliged to be registered by the Central Bank of Iran. It remains to be clarified whether the government will require exchanges that already operate in Iran to follow the same rules.

Previously iMiner, a Turkey-based crypto mining company, announced it received the green light from Iran's Ministry of Industry, Mine and Trade to operate in the country.

In February, Saeed Muhammad, commander of the Islamic Revolutionary Guard Corps, proposed to use cryptocurrencies as a way to evade US sanctions.

BitGo Becomes Custodian for Indian Bitcoin Exchange

Iran's economy is suffering the sanctions imposed by the US after the Trump administration withdrew from the Joint Comprehensive Plan of Action in 2018.

As a result, Iran is currently isolated from both trade and foreign investment, so cryptos have emerged as one of its only options to evade these sanctions.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error