Iran will not use crypto

Tuesday 12 April 2022 14:28 CET | News

Iran will not recognize cryptocurrencies as a means of payment, as a high-ranking government official has indicated.

His statement came as the Central Bank of Iran announced rules for the issuance of digital coins in the country. These are meant, however, for its own crypto rial, the pilot phase of which should start soon.

Cryptocurrencies like Bitcoin will not be treated as legal tender in the Islamic Republic of Iran. The government official was commenting on the latest resolution by the Digital Economy Working Group regarding crypto assets. He pointed out that the use of any foreign currency is outside the sovereignty and against the monetary and banking law of Iran.

The deputy minister added that to prevent risks for the Iranian citizens, digital asset exchange in the country will be subject to a set of rules similar to those that apply to the stock market and other currencies. He added that cryptocurrencies must be regulated and banking systems must be observed.

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Keywords: central bank, regulation, cryptocurrency, digital currency, CBDC, Bitcoin
Categories: DeFi & Crypto & Web3
Countries: Iran (Islamic Republic of)
This article is part of category

DeFi & Crypto & Web3