Iranian central bank confirm ban on trading Bitcoin and all cryptocurrencies

Deputy governor of Iranian central bank is confirming a ban of all cryptocurrencies.
Cryptocurrencies have proven to be of assistance, given the falling value of Iran’s native currency.

Ken Chigbo Independent Analyst

The Iranian central bank deputy governor spoke to media outlets, detailing that the trading of Bitcoin and other cryptocurrencies within the country is illegal.

Many Iranian citizens had explored cryptocurrency as a means of securing their wealth as the Iranian Rial depreciated over the past three years, which was reported by Tasnim News Agency.

The deputy governor has requested that citizens refrain from trading Bitcoin as it is illegal to do so within the state. While the context of the conversation arose on the back of the numerous pyramid schemes in Iran, he confirmed that the ban would apply to all cryptocurrencies.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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