Last year, the Iranian government was interested in utilizing cryptocurrencies as a way of bypassing economic sanctions levied against the country. Today it completely changed its mind. The Central Bank of Iran announced that it will never recognize Crypto as official currency.
The bank informed citizens about risks of making investments because there is a chance to lose financial assets. Currently, the bank is cooperating with other institutions to develop mechanisms to control and prevent the use of cryptocurrencies in the country.
The wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme have made the market of these currencies highly unreliable and risky.
The Central Bank of Iran
However, there is some positive news. Today, Iran’s Information and Communications Technology (ICT) Minister Mohammad-Javad Azari Jahromi informed about the development of a local cryptocurrency by Post Bank. Unfortunately, the stage of research is not stated.