Iran bans banks from using cryptocurrencies

[Stac]

Iran bans the use of bitcoins and crypto currencies by banks and other financial institutions with a fear that people will invest more on crypto currencies and that the value of fiat currency of the country could come down as a result of people using crypto currencies in the country. In order to increase the supply and demand of traditional currency the Government took the decision to stop using crypto currencies in banks and other financial institutes of the country, another reason for doing this is because bitcoin and crypto currencies are decentralized in nature and  the Government or no authority has control over the crypto currency network.

[fritzwalter195]

Its just a conservative approach, it will take a while before countries like Iran will be open to crypto.

[StarLucas]

Doesn't matter, they can't buy anyway. All exchanges have them on a "dont and cant" list of country.

[soulripper]

Among the reasons Iran bans the bank to use cryptography is that all cryptographic currencies have the ability to be a way to money laundering and payment of violence and can generally be converted into a way to transfer cash to criminals.Many Iranian people see the huge capabilities of digital currencies as a way of dealing with problems related to international sanctions and the difficulties that the poor and poor state banks face.

[Dudeperfect]

It's not just happening in Iran but in most of the undeveloped and developing countries are facing this issue. On the other hand, nations like Australia and Ukraine are looking forward to using the benefits of cryptocurrencies. Yes, it is true that cryptocurrencies follow the principle of decentralization but that shouldn't offend the countries who believe in democracy. We need to have a practical approach towards this new technology and focus on using it to optimize our economy.

[Odlanyer]

If what is the decision of their country kindly respect them because they did it for the sake and what are the good of them. But many people in Iran are not agree to their decision because that is their another job that they earn an extra money.

[Ahsan Aly]

Well, It is a matter between Governments. Iran cannot Ban Crypto currencies permanently. A big reason behind that is, it will be badly effected Economically. Mostly Peoples are using Crypto currencies in different countries directly to make them strong financially. So media or social media are doing highlight news like that. Just leave these kind of things and let it be for future. Hopefully BTC and other crypto currencies will be bring financial revolution worldwide.

[Jimmymoriarty]

its basically a memo/reminder

that banks cannot directly handly crypto.. just like they cannot directly handly beanie babies, or tobacco.. the only thing banks can directly handle is FIAT..

standard memo, no law change. its just a reminder.
it does not affect private businesses or citizens.. iranian people can still handle bitcoin. but you will not be seeing a bitcoin ATM or a beanie baby vending machine in a iranian bank branch

so relax folks. its not FUD news nor fake news. its just a reminder of standard practice that has been going on for decades

Yeah you're right. Bitcoin's usage cannot be banned. It is actually a good thing that banks don't get to control bitcoin because the rules and regulations that are to be followed with a bank may sometimes be annoying. There is only one thing that can stop us from using bitcoin and that is internet not existing anymore which is not going to happen for sure.

[teejayrichard2]

this is a bad news for cryptocurrency investors as it will surely have a negative effect on the cryptocurrency world. i sincerely hope they have a rethink about this soon and make a more better decision.

[chickenfried12]

I think every state Every state Every bank every nation to go to find out what is the transfer of the Ministry of Finance Bitcoin Mountains can be tracked money transfers and donations can really go a la calculations can be a flow in the world becomes more easily transparent a good ban day or day any country ban or use it does not change much The important thing is to use the great powers.

[Jating]

But the funny part is, their Central Banks banks using crypto for the reason that they deemed that crypto can be used by criminals, however, they are allowing their experimental coins, which for me is going to be used to circumvent the trade embargo against them, similar to what Venezuelan government are doing. How ironic is it.

So let's see how it goes for their so called experimental coins, but I'm pretty sure that once its completed, it will be used by their central government to evade sanctions by US against them and we will see how they are going to defend themselves.

[SistaFista]

But, the problem is that no one cares about Iran and it does not affect much the entire market in here, that is the main reason of why everyone is so silent in here and it doesn't affect anything at all. useless FUD.

[yoseph]

But, the problem is that no one cares about Iran and it does not affect much the entire market in here, that is the main reason of why everyone is so silent in here and it doesn't affect anything at all. useless FUD.

My thoughts exactly, it would be problematic if it was the likes of Japan and since this is not about oil, I am not going to be bothered at all with this issue.

[Malya_alkendy]

I hope this is just an issue, and Iran does not really ban Bitcoin, because this would be a bad List for Bitcoin if Iran really forbids Bitcoin and Cryptocurrency! And it will certainly affect the stability of Crypto prices in the market.

[tansoft64]

Whatever the issue against bitcoin still its market value stay strong and expensive and never been affected to the fud, I think they ban bitcoin on their country with the same reason with the other country who ban bitcoin.

[hadveach]

I think it is a temporary ban, the ban bitcoin is used by the government of Iran to conduct analysis and research on digital currency.

After Venezuela, Iran and Turkey are countries that are interested in digital currencies. and they have plans to follow Venezuela.

[tarable]

Iran banned the use of bitcoin and other cryptocurrencies by banks and financial institutions on Monday amid ongoing debate over how best to regulate the technology. "The use of bitcoin and other cryptocurrencies in all the country's monetary and financial centres was banned," the central bank said in a statement overnight.

that is every regulation of the country is different, there is agreement with btc, and some who do not agree, therefore we must also follow how the rules that exist in our own country.

[lghdt943]

In many countries, there is a problem. They welcome blockchains, but they ban cryptocurrencies. They think that the blockchain technology has potential and is worth applying. However, there is a high risk of cryptocurrency and it is not suitable for people to participate in large quantities. So the National Bank will block passwords, not blockchain, and many of them have already started to apply blockchain technology.

[basyang]

Iran banned the use of bitcoin and other cryptocurrencies by banks and financial institutions on Monday amid ongoing debate over how best to regulate the technology. "The use of bitcoin and other cryptocurrencies in all the country's monetary and financial centres was banned," the central bank said in a statement overnight.

Ow no.Its seems to me that it's sad to hear that news, Well, we need to respect the decision of Iran in banning bitcoin in their country, We just need to accept the fact that not all country are accepting bitcoin as a node of payment. For sure, the Iran government has a basis why they banned it in there country. We just need to follow the rules of that country because its an already a regulation in there. I am just hoping that few a country will not accept and tons of country in the world will accept the cryptocurrency.

[HerbertMarcel]

The people of Iran still using it then when how it become ban.