The Central Bank of Iran (CBI) officially banned the use of Bitcoin and cryptocurrencies throughout the country, since in their opinion the use of this asset can be lent for money laundering.
The regulations were announced through a government news agency of the Islamic Republic, following the guidelines of the public relations department of the financial entity. The decision was approved by the Iranian body against money laundering.
In the statement issued, it is explained that the bank made the decision to categorize the use of cryptocurrencies as illegal from the date. Among the causes include: money laundering, financing of terrorism and exchange of sums between offenders, something that is perfectly done with any other currency.
For the CBI, cryptocurrencies generally do not comply with anti-money laundering laws and regulations in any country or territory. In fact, the entity alleged that “no government or bank around the world supervises it.” Although there are countries that have issued rules and regulations for the protection of users and investors who use this type of currency.
What is certain is that this rule will directly affect Iran’s businesses, stock exchanges, banks and other financial and state institutions. However, these assets may continue to circulate on the Internet or person-to-person exchanges.
In CBI announced at the beginning of the year that it would take a precautionary measure on the circulation of Bitcoin and other athcoins in the territory. With this standard, it joins countries such as Ecuador, Bolivia, Macedonia, Pakistan, Nepal and Algeria, which also do not allow trade or use of these types of assets, at least not officially.