Iran’s position on the field of cryptocurrencies has been through ups and downs. Iran was announcing to take proactive measures towards the adoption of infrastructure for Bitcoin.
Back on February, Mohammad Jayad Azari-Jahromi, Iran’s Information and Communications Technology Minister, ‘tweeted’ that Iran is considering cryptocurrency development.
The Central Bank of Iran banned all banks for dealing with cryptocurrencies, which includes Bitcoin. This move was made to decrease the boiling currency crisis like money-laundering. Everything changed as it took a definite turn in opposite direction.
Minister Mohammad Jayad Azari-Jahromi says “The central bank’s (ban) does not mean the prohibition or restriction of the use of the digital currency in domestic development.”
All cryptocurrency dealings should be prohibited unless Iran itself is dealing with its own cryptocurrency.
Iran was excluded from the major international payment networks such as PayPal, Mastercard, and Visa. Even though cryptocurrency project is still undergoing, working towards circumventing these restrictions is being shared.
Economy in Iran is obviously low. The rial dive into its all-time low political concerns, and Iran moved to bring its official and open market exchange rate. In addition, Central Bank moved to ban money changing transactions outside the bank.