Iran Bans Cryptocurrency Dealings

State news agency IRNA reported last Sunday that Iran has instructed all its banks to prohibit all transactions involving cryptocurrencies.

According to an Iran central bank circular, banks, credit institutions and currency exchanges should not involve themselves in the sale or purchase of such currencies.

The move is said to be part of efforts to prevent a currency crisis as the rial plunged to an all time low due to the threat of crippling sanctions. The country has already unified its official and open market exchange rates and banned money changing outside of banks this month.

 

Source: Reuters