By: Radio Free Europe/Radio Liberty
Source: Radio Free Europe/Radio Liberty
Iran has banned the use of bitcoin and other cryptocurrencies by its banks and financial institutions.
“The use of bitcoin and other cryptocurrencies in all the country’s monetary and financial centers was banned,” an April 23 statement by the central bank said.
It said the decision had been made in December by the government’s money-laundering committee and it was now being put into effect.
The ban was necessary since “all cryptocurrencies have the capacity to be turned into a means for money-laundering and financing terrorism and in general can be turned into a means for transferring criminals’ money,” it added.
Many Iranian individuals consider cryptocurrencies an alternative to overcoming difficulties related to international sanctions and the country’s ailing financial institutions.