Bitcoins

Iran: Crypto trading continues to decline since CBI ban

Financial Tribune – Cryptocurrency transactions in Iran have significantly declined since April when a blanket ban came into effect.

As Sepehr Mohammadi, chairman of the Blockchain Association of Iran, pointed out on Friday that since cryptocurrency transactions were outlawed in Iran and moved underground, it has become impossible to get a clear image of transactions through online exchanges.

“But we can announce an estimate based on figures, which shows about 1,000 Bitcoins were transacted in Iran per day before the ban while the number has now declined to about 300 per day,” he told IBENA.

Shortly after the Iranian government unsuccessfully tried to fix the US dollar’s exchange rate to shore up the rial late April, the Central Bank of Iran implemented a directive that officially prohibited all financial institutions, including banks and credit institutions, from handling crpytocurrencies.

The decision was made by the High Council of Anti-Money Laundering for preventing a further capital flight