The Central Bank of Islamic Republic of Iran [CBI] issues a statement banning Iran’s banks and other financial institutions from dealing with various cryptocurrencies in the country. But ironically, the Islamic Republic of Iran is going ahead with the development of its state-sponsored cryptocurrency even after its own central government issues a ban on the use of cryptocurrency.
Information and Communications Technology Minister, Mohammad Javad Azari-Jahromi has said that the government’s local state-sponsored cryptocurrency project will not be affected by the bank’s regulations. He has also said that the state-backed cryptocurrency is in its experimental model. It has become ready for testing.
CBI issues the ban on cryptocurrency because the government’s money laundering committee has come to a conclusion that various cryptocurrencies are being used as a means for money laundering, financing terrorism and it has been used for various criminal activities in the state.
CBI plans to unify its open market exchange rates and it has also banned money being changed outside of its banks or financial institutions. The ban comes after Iran’s currency “Rial” has a hit an all-time low.
Iran is coming up with this bold move after Budapest, Hungary introduced “Korona” which runs on the Lightning Network and is being touted as more stable, safer, and cheaper than other cryptocurrencies. Petro [PTR] is launched by Venezuela and backed by the world’s largest oil reserve.
On Saturday, 28th April 2018, the Islamic Republic of Iran’s Information and Communications Technology [ICT] Minister, Mohammad Javad Azari-Jahromi, has said that:
“I believe that cryptocurrencies can have a significant impact on the country’s financial exchange model.However, first of all, research needs to be done in order to introduce this technology to the authorities.”
Subscribe to AMBCrypto’s Newsletter
XRP/USD Price Analysis: Cryptocurrency settles into sideways movement as bull run ends
XRP/Ripple: R3’s Corda Settler dApp to be tested by InstiMatch Global using XRP
Mt. Gox: Infamous Bitcoin exchange had several issues with its code, reveals Mark Karpeles
Bitcoin Cash [BCH] support rolled out by Coinbase custodial wallet app
Bitcoin ETF: SEC adds VanEck-backed proposal for approval; initial decision in 45 days
DigiByte community gears up for Global Summit while founder Jared Tate finalises book on decentralized internet
Bitcoin [BTC] developer Jimmy Song lists 3 reasons why Bitcoin SV [BSV] is a “scam”
Bitcoin [BTC] among cryptocurrencies enabled by new debit card launched by Australian Crypto exchange
Ethereum [ETH] could have been stolen through malware impersonating MetaMask
After Bitcoin [BTC] ETF silver lining, SEC puts forth circular on ICOs
Bitcoin [BTC]: Mt Gox redemption plan demonstrates the power of open source network, says Brock Pierce
- Press Release
A New Generation of Crypto-Exchange: ALL IN ONE Crypto-Exchange
Flash Hike: XRP pumps by 10% as most top-10 coins gleam green
- Bitcoin Cash
Bitcoin Cash [BCH]: Roger Ver promises to sell his Bitcoins if the block size drops to 300KB