Iran Becomes The Latest Country To Ban Cryptocurrencies

Bitcoin Bans: Iran Becomes The Latest Country To Ban Cryptocurrencies

Update on Iran

The Central Bank of Iran (CBI) has informed all of its finance houses that they are not to trade in Cryptocurrencies. The CBI is concerned that permitting Cryptocurrencies will open the doors for possible money laundering, terrorist funding, and other possible illicit activities. It has also come after a disagreement with the Iranian Supreme Committee last year over many laundering. Further worries remain that Bitcoin is not regulated around the world and there is no government backing for the currency.

Both the Iranian central bank and one of the major market regulators in the country have informed local businesses that entering the Cryptocurrency markets is prohibited for the above reasons. The country’s Anti-Laundering Body approved this back in December 2017. It has not been a rash decision. All banks, credit institutions, and currency exchanges need to follow this new ruling and stay away from selling or buying Cryptocurrencies.

What is uncertain at the moment is just how strict the above decision is. The technology is very easy to obtain in Iran, and there are a few public officials who are keen on introducing Cryptocurrencies into the country. It is well known that the central bank of Iran is currently working on its own Cryptocurrency that the state government would look after.

Officials have said that once there are firm procedures and standards in place Bitcoin and other Cryptocurrencies would be welcomed to the country. The central bank is already researching into the industry and reviewing its current policies.

The Other Countries

There are still quite a few countries in the world where Bitcoin and other such Cryptocurrencies are banned and seen as an illegal tender:

• Morocco –

The sending and receipt of Cryptocurrency payments in Morocco has been banned since November 2017. If you are caught in any acts using any form of Cryptocurrency then you will receive a hefty fine

• Bolivia –

Cryptocurrencies have never been legal in the country, and those using it in the past have been arrested and fined

• Ecuador –

The government reformed its financial plans in 2014 and the banning of Cryptocurrencies was part of this. It was suggested that this ban was imposed simply to take away a competitor of the countries own currency system which is digital

• China –

September 2017 saw the banning of Cryptocurrencies across the whole of China. The use of the currency was widespread before the ban, so it has been very difficult for the government to remove it completely from society. Although it does still get used personally the government has tended to hit the professional companies for its use and ignored individually use

• Nepal –

There were quite a few traders arrested in 2017 because of Bitcoin-related activities. This pushed the government to ban the currency completely.

Until the confidence in governments grows and there is more substantiated confirmation that Cryptocurrencies will not harm country finances bans will remain in place. It is expected that these will gradually be lifted as more and more industries rely on them and they become part of the daily norm.

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