Iran Cracks Down on Crypto Citing Money Laundering Fears

  • Darryn Pollock
    📰 News

    Iran’s Central Bank has reached out and banned all domestic banks from dealing with cryptocurrency in order to fight money laundering


Iran Cracks Down on Crypto Citing Money Laundering Fears

 

The Central Bank of Iran has become the latest regulator in a major country to come down hard on cryptocurrencies. The Middle East country has said that its domestic banks can no longer deal with cryptocurrency matters due to the possibility of money laundering.

The  Central Bank of Iran’s supreme committee, also in charge of curbing money laundering and fighting capital flight in Iran, has issued a circular prohibiting banks and financial institutions from transactions that enable buying, selling or promoting cryptocurrencies.

“Banks and credit institutions and currency exchanges should avoid any sale or purchase of these currencies or taking any action to promote them,” an excerpt from the circular read.

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Cover image via u.today
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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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