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Iran's Central Bank Reportedly Bans Trading of Crypto Mined Abroad
The move is said to be an attempt to stop capital flight from Iran.
In a somewhat bizarre move from the Central Bank of Iran (CBI), trading of cryptocurrency mined outside the country has been banned, according to news reports Thursday.
STORY CONTINUES BELOW
The ban attempts to stymie capital flight from the country that could be attributed to the effects of its depreciating national currency, the rial. That's according to Fatemeh Fannizadeh, Swiss qualified independent practitioner and attorney at law, who spoke on the matter via Twitter on Friday.
Crypto is already regulated in Iran. Mining is a legal industry, while trading is banned to my understanding
— Fat◇Bat (@Fatalmeh) May 6, 2021
this just means that Iran wants to export Iranian produced coins more aggressively, encourage mining, and counter capital flight in the face of a depreciating Rial
Iran has already banned the use of cryptocurrency for payments, while the country’s financial institutions are free to use cryptocurrency, derived from sanctioned miners, to pay for imports.
See also: Iran Central Bank to Allow Money Changers, Banks to Pay for Imports Using Mined Crypto
How exactly the central bank intends to regulate the inflow of fungible cryptocurrency from outside the country's borders remains unclear.
CoinDesk attempted to contact the CBI but did not receive a reply by press time.
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
