Iran bans banks from dealing in cryptocurrencies

25 Apr 18

Iran has banned its domestic banks from dealing in cryptocurrencies due to money-laundering concerns, the country’s news agency IRNA said on Sunday.

The decision was made by the Central Bank of Iran’s committee of the tackling money laundering, the bank’s public relations department said.

It also said that virtual currencies have been used for money laundering, supporting terrorism and exchange between “wrongdoers”.

It added that bitcoin does not abide by governing rules and regulations in any countries and no government or bank supervises it.

Bitcoin is the first decentralised digital currency, working without a central bank or single administrator.

China launched a crack-down on cryptocurrencies in September 2017 with its authorities banning bitcoin trading and initial coin offerings. 

South Korea confirmed in January that it will not ban cryptocurrency trading after speculation it would follow China’s example and block all virtual coin platforms. 

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