Iran Banned Trading Cryptocurrencies

The recent bill passed in Iran bans trading cryptocurrencies that were mined outside the country. This bill’s goal is to prevent the outflow of money from Iran due to the inflation of their national currency. However, this in fact, means that the entire crypto trading industry in the country is collapsed.

Back in 2019 Iran’s government legalized crypto mining to benefit the country’s economy. Last year cryptocurrencies were allowed as a payment option to pay for the goods imported from other countries in attempts to restore the economy from the impact of the USA’s penalties.

The Central bank allows using cryptocurrencies that were legally mined in Iran for the international payments. Its goal is to promote the Iranian cryptocurrencies and develop the industry in the country but it will hardly work this way to benefit the crypto industry in general.

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