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Iran's Central Bank Reportedly Bans Trading of Crypto Mined Abroad

The move is said to be an attempt to stop capital flight from Iran.

May 7, 2021 at 7:36 a.m. UTC
Updated Sep 14, 2021 at 12:52 p.m. UTC

In a somewhat bizarre move from the Central Bank of Iran (CBI), trading of cryptocurrency mined outside the country has been banned, according to news reports Thursday.

The ban attempts to stymie capital flight from the country that could be attributed to the effects of its depreciating national currency, the rial. That's according to Fatemeh Fannizadeh, Swiss qualified independent practitioner and attorney at law, who spoke on the matter via Twitter on Friday.

Iran has already banned the use of cryptocurrency for payments, while the country’s financial institutions are free to use cryptocurrency, derived from sanctioned miners, to pay for imports.

How exactly the central bank intends to regulate the inflow of fungible cryptocurrency from outside the country's borders remains unclear.

CoinDesk attempted to contact the CBI but did not receive a reply by press time.

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