Iran Central Bank Bans Financial Institutions from Cryptocurrency Dealings

This week, Iran’s central banking authority has banned the country’s banks from dealing in cryptocurrencies because of possible money laundering issues.

The supreme committee of the CBI, also in charge of money laundering control and fight against capital flight in Iran, has issued an order banning financial institutions from transactions that enable buying, selling or promoting any virtual currencies.

This news follows similar recent regulations imposed upon Indian citizens by the country’s central bank. This movement in regulation has reportedly pushed citizens looking to circumvent these banking restrictions to platforms such as OpenBazaar and Crypico where cryptocurrencies can be earned in exchange for goods and services.

Additionally, Iran moved this month to formally unify its official and open market exchange rates and banned money changing outside of banks, after its currency, the rial, plunged to an all-time low on concerns of a possible return of U.S.-imposed sanctions.

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