Trading with bitcoin is considered illegal in Iran

The Central Bank of Iran has declared that transactions with bitcoin are illegal, as well as any publicity related to cryptocurrencies or pyramid schemes

Transactions with bitcoin in Iran are illegal, according to the statements of Nasser Hakimi, vice governor of the Central Bank of the country, through an interview with a local media.

Hakimi stressed that trading with BTC is illegal in this nation. In addition, the promotion through advertisements of “pyramid-style networks” that promote this cryptocurrency is prohibited.

The executive insisted on clarifying the difference between the production and marketing of digital currency. On the other hand, he spoke of the risks of scams to which investors of the cryptographic ecosystem have been exposed in the face of the volatility of the currency’s value in the market as well as associated illicit activities.

In this sense, it was learned that “the police have detected dozens of illegal bitcoin farms in various parts of Iran in recent weeks.The criminals usually choose abandoned factories in the peripheral suburbs to consume subsidized energy to run hundreds of mining machines.”

Another situation that has alerted the authorities in the increase of mining in the country due to the low cost of energy, which has stimulated activity in unauthorized farms and that consume an average energy equivalent to 24 homes. Such a situation could cause excessive tension in Iran’s electricity system.



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