Crypto ‘Winter’ Ends? – Iran Bans Banks from Dealing in Cryptocurrency But Bitcoin Goes Up
Iran’s central bank has banned the country’s banks from dealing in cryptocurrencies, including Bitcoin, the state news agency IRNA reported on Sunday.
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Iran makes a moveÂ
The Central Bank of Iran (CBI) has made a decision to ban the country’s banks from offering services to crypto firms or dealing in cryptocurrencies.
“Banks and credit institutions and currency exchanges should avoid any sale or purchase of these currencies or taking any action to promote them,” IRNA said, quoting a central bank circular based on a ban on cryptocurrencies passed by Iran’s anti-money laundering body in December.
The CBI further claimed cryptocurrencies “have the option to be used for money laundering, supporting terrorism and exchange of sums between wrongdoers”, state-owned IRNA, Iran’s official news agency, revealed.
The reason of this is that Iran wants to formally unify its official and open market exchange rates and banned money changing outside of banks. The country’s official currency, the rial, plunged to an all-time low on concerns about a possible return of crippling sanctions from the US, Reuters reports.
By banning cryptocurrency trading, Iran is most likely attempting to block anxious traders from turning away from the rial in favor of bitcoin and its ilk.
Bitcoin goes up?
Despite the ban-news, Bitcoin shows a strong performance in April, gained 36% from its April 1 low to reach closer to the mount $10,000.
At the start of the month, the most valuable cryptocurrency had touched a low of $6,526 and it has gained $2,336 in since.
Bitcoin is currently priced at $8,893 after hitting a high of $9,003 Sunday night.
Tom Lee of Fundstrat Global Advisors told CNBC: “We believe the ‘winter’ is ending for Bitcoin, as the crypto to fiat pressures from tax day subside, and as headline risks seem to be fading.”
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