Foreign Currencies Transaction banned at Iran Exchange

Iranian government is aimed to hamper the flow of foreign fiat currency inside the nation-state and has banned proprietary foreign exchange platforms
18 April 2018   1258

Iranian citizens are in a FUD because of the devalued Rial - the currency of Iran. In the past ten years, the Iranian Rial had crashed from 9,200 to $1 to 41,600 to $1, a value decrease of 450 percent. The Iranians faced a financial crush down in 2012 after the nation’s contested nuclear program, also, the U.S. obliged the world’s banks from contributing in Iran’s oil economy and the European Union insisted on an oil ban. Global endorsements have damaged the Iran economy by decrescenting oil trades significantly before rehabilitation of 2016.

We have to pay a price if we do not act proactively. We should execute, according to Islamic rules, a few foreign exchange traders who try to plunge the country into chaos, in order to teach a lesson to others.
Ayatollah Nasser Makarem Shirazi, religious leader, Iran

Iran's Central Bank underlined that because of high ambivalences of the progressive monetary standards combined with aggressive business activities which in advance through network marketing and fraudulent business schemes have turned the market of these monetary forms solely devious and questionable.

It appears that the Iranian people are losing trust in the rial as it continues to depreciate in value. In response, the government of Iran is trying to prevent them from getting their hands on foreign currency, providing another example of the need for bitcoin. We should expect to see a growth in local bitcoin. 
Avi Mizrahi, crypto-journalist, Iran

The government of Iran does not acknowledge any other stakes; anyone trading at illicit rates will be recognized as a smuggler. Any individual who owns more than 10,000 euros or any foreign currency equivalent to the new exchange rate will be considered a criminal.

Israeli BTC Investors to Face Catch 22

They need to pay taxes from Bitcoin investing in order to avoid their property arrest, but banks don't take their money due to AML issues
06 August 2019   180

Bitcoin investors in Israel are faced with the impossibility of paying taxes, as local banks refuse to accept funds received from the sale of cryptocurrencies because of the risks of money laundering and terrorist financing. About this writes the local edition of Haaretz on August 6.

Bitcoin is not recognized as a currency in Israel, therefore, individuals must pay 25% of the income from cryptocurrency trading to the treasury, and legal entities - 47%.

Investor Ron Gross told the publication that he acquired bitcoins in 2011 and reported his income to the tax office. In 2017, the bank that served Gross began to refuse to accept funds received from the sale of bitcoins. The investor met with representatives of the bank to demonstrate to them a 70-page history of bitcoin transactions as confirmation of the origin of the funds, but failed to convince them.

The tax authority is aware of the problem, but they say the ball isn’t in their courts. I’ve tried working with almost all the banks, but the minute they hear the word ‘Bitcoin’ they freeze up.

Ron Gross

Bitcoin investor from Israel


Since Gross was unable to pay taxes on time, his bank account, home, and even scooters were arrested. According to the investor, the tax authorities know about the problem, but can do nothing.

According to Haaretz, the tax office is aware of $ 86 million in unpaid taxes on income from cryptocurrency trading. It is possible that the real amount may be significantly higher.

Roy Arav, another Bitcoin investor, kept the proceeds from trading Bitcoin in an account with Israeli bank Discount under the control of the Bit2C exchange. The bank refuses to transfer money to Arava’s personal account under the pretext that its politicians forbid it to transfer funds related to virtual assets to client accounts due to the risks of money laundering and terrorist financing.

Arav also could not pay taxes and was forced to sue the bank. According to the investor, the authorities entered his position and granted him a deferral of time for the consideration of the claim.