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Iran bans dealing in cryptocurrencies

A digital rendition of a Bitcoin [David McBee / Pexels]
A digital rendition of a Bitcoin [David McBee / Pexels]

The Central Bank of Iran has banned dealing in cryptocurrencies, including Bitcoin.

“Cryptocurrencies can be used in criminal activities such as money laundering, support for terrorism and money exchange between lawbreakers” the bank said in a statement reported by the country’s IRNA news agency.

According to the bank, the ban applies to all financial and monetary institutions in the country, including banks and exchange firms.

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The Associated Press reported on Monday that Iran has issued the decision “to control the local currency market which suffered a sharp fall in April”.

Many central banks around the world banned dealing in cryptocurrencies due to the lack of legal references.

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