Iran Bans Cryptocurrency Trading, Mining Still Legal

Iran Bans Cryptocurrency Trading, Mining Still Legal

Bitcoin, and all other cryptocurrency trading is now banned in Iran. The announcement came during a conversation about pyramid schemes and seems to be effective immediately.

Last month, the Iranian government seized crypto mining equipment from some mosques after figuring out citizens were taking advantage of the free electricity supplied the religious buildings. However, the two seem to not be linked, Turkey's Anadolu new agency reports that the production of Bitcoin has not yet been bannned in Iran.

The news followed a conversation between the deputy governor for new technologies at the Central Bank of Iran (CBI), Nasser Hakimi and the semi official Tasnim new agency in the country. He advised the agency that the Supreme Council of Cambatting and Preventing Money Laundering had instituted the ban, citing concerns about voltility and investment rissk, concerns mirrored by London's regulators and the Indian government.

Cryptocurrencies have been used by Iranians to hold wealth in the face of a rapidly depreciating fiat currency in the country. It can also be used as a form of remittance to avoid government regulation and oversight.