Iran Planning to Ban Unapproved Cryptocurrencies and Launch State Owned Cryptocurrency

Iran Planning to Ban Unapproved Cryptocurrencies and Launch State Owned Cryptocurrency

Like many countries of the world, Iran is also planning to regulate cryptocurrencies. A draft report in this regard says that the Central Bank of Iran is all set to ban unapproved cryptocurrencies. However, there is nothing clear about which cryptocurrencies would face ban. The report titles “Obligations and Rules Regarding Cryptocurrencies” states that cryptocurrency wallets can only store and transfer cryptocurrencies. No one can integrate any service in wallet by using cryptocurrencies.

In case of approval of the report, individuals and businesses would be unable to use unapproved cryptocurrencies for payments. However, Central Bank will allow individuals to hold and transfer small amount of approved cryptocurrencies. Here, it is worth mentioning that Irani people cannot keep more than 10,000 Euros outside their regulated bank accounts.

Iran, Cryptocurrency, Bitcoin, Sanctions

The regulators in Iran want to settle all the Bitcoin transactions in Irani rial. This is because Iran is facing economical sanctions from United States. It is also important to mention that regulators have to discuss this draft report today. There are also possibilities that Irani population may also face restrictions to hold large amount of cryptocurrencies.

Experts’ Views

This report has shocked the Iranian businesses as well as crypto experts. They are considering it discouraging for businesses that receive cryptocurrencies from foreign customers. Some are also of the view that Iranian government is planning this ban to save its fiat currency ‘rial’ from severe competition.

The report also suggests that Iranian exchanges will have to get licenses. There is nothing clear about the process to get this license. It clarifies that Iranian Bank will update the list of approved cryptocurrencies after every three months. After the approval of this report the KYC process of the exchanges will also change.

Earlier, the Iranian exchanges collect addresses and government issues ID’s. But, these exchanges are more dependent than the exchanges operating in other countries of the world. Getting exchange license is already much difficult in Iran. The imposition of these regulations will make it more difficult.

👉 Are you looking for a Forex Robot that offers realistic returns even when the markets are volatile or down? Golden Pickaxe is the BEST Forex robot using low risk and EARNING a whopping 47.93% monthly profit margin. You get a robot offering the best in terms of safety and guaranteed profits no matter the risks. A gold-driven EA robot, the robot was created and developed over ten years. It has the pedigree to offer gold traders a profitable all-year-long profit regardless of market conditions. We have tested the platform, and it has seen remarkable profit margins for the past 15 months. The well-known trader developer (Valeriia), put the robot out there for any trader to confirm its realistic profitability. And the robot was tested and seen to be even better than what we thought was the best, Waka Waka. Golden Pickaxe is now one of the best-proven forex robots that offer profitable outcomes, and all data are third-party verified independently via Myfxbook. The balance volume for Golden Pickaxe is there for anyone to see. And that means you get a transparent Forex robot guaranteeing results. Even when facing drawbacks of 37.47%, the robot balances the profits. With an automated trading robot, you can receive near-perfect signals for trading gold. And that’s what every trader needs when investing in Gold. So what are you waiting for? We have tested the robot and Guarantee it’s a perfect match for you. Start earning realistic profit margins from forex trading with a LOW-RISK thanks to Golden Pickaxe. We have been using it even when the gold market was risky. Thanks to this automated forex robot, you can earn 47.93% ROI or more per month consistently. Complete beginners to Forex can start and immediately start earning a stable and reliable income with it.  What's more? You don’t even have to deposit funds with your broker when using the Golden Pickaxe robot. Just register with a Broker such as IC Markets or Coinexx (for US-based traders); there’s no need to deposit your real funds with them. Instead, use the Golden Pickaxe robot to pass a funded account challenge on FTMO. No worries, it’s very easy to pass once you install the EA. Once you pass the challenge, FTMO funds your account with real live funds depending on the challenge you passed, then you can simply carry on trading with the EA on the live account and request payouts monthly whenever you want to withdraw your profits. All challenges and trading are done automatically by the Golden Pickaxe robot, so you don't have to worry. Or... if you don't like the idea of a trading challenge/evaluation, you can simply buy a cheap funded account with prop firms we recommend like FundYourFx, get instant funding of a real account, then start using the robot to trade, profit and make weekly withdrawals, very easy. If you have any questions or want help with the setup, head over to our live chat and ask for Corey Woods. Corey will help you with any issues, problems, or initial setup along the way. Here’s your chance to start trading Gold and earn with an AUTHENTIC, PROVEN, AND SAFE Forex Robot. Sign up today for a chance to get a reliable side income with GOLDEN PICKAXE. Click the button below to buy the EA, then contact me on live chat if you need any help setting up the whole thing.

Click Here To Buy Now

Iran Planning to Launch State Backed Cryptocurrency

All this seems quite surprising because Iran is planning to launch its own cryptocurrency. The launch of state backed cryptocurrency will abate the grievances of the businesses. The government has also discussed this launch in annual Electronic Banking and Payment System Conference.

It is pertinent to mention that Iran wants to counter the impacts of American sanctions. America had imposed these sanctions in mid 2018. In November 2018, America banned SWIFT to carry out its operations in Iran. SWIFT is a Belgium based financial services Provider Company. This has deprived Iranian businesses and individuals to receive payments from foreign business partners.

Iran, cryptocurrency, sanctions, bitcoin

Therefore, the Iranian government is planning to launch its own cryptocurrency. It will enable the businesses in the country to receive payments from foreign clients. This is because there is no other way for businesses to carry out cross-border transactions.

Al-Jazeera reports that the state backed cryptocurrency will roll out in two phases. The first phase will introduce Crypto rial. It will work as a bridge between Iranian Commercial Banks and local businesses. After successful operation of this phase, the government will allow local public access to this cryptocurrency in the second phase. The second phase will enable individuals to make payments for goods and services in cryptocurrencies.

Still, it is not clear whether the individuals and businesses would be able to globally use this cryptocurrency. The present scenario suggests that the cryptocurrency will serve the individuals and businesses in local payments. We can also hope that Iran will soon join other blockchain networks to defeat SWIFT like platforms.

Leave a Reply

Your email address will not be published. Required fields are marked *


Follow Us will not be liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Trading Forex, Binary options and Cryptocurrencies involve high-risk and are not suitable for all investors. Online trading in general, may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity. All trademarks, images and logos that appear on this site are copyrights of their respective owners and have been used under the Act of Fair Use.