Iran’s c-bank warns of cryptocurrencies, may issue local coin

Iran’s c-bank warns of cryptocurrencies, may issue local coin

- in All News, Cryptocurrencies, Regulation
Iran flag map

Iran’s central bank has warned Iranian citizens of the high risks of investing in the volatile market of the cryptocurrencies and told them they “may lose their financial assets,” reports the site Ifpnews. The c-bank said it has never recognized bitcoin and does not conduct transactions in it or other cryptocurrencies.

According to the report, bank officials have also said they were working in close co-operation with other institutions to develop a mechanism to control and prevent the use of cryptocurrencies in Iran. At the same time, though, Iran’s minister of internet and communications Mohammad-Javad Azari Jahromi said that the state-owned Post Bank is working on a locally-developed cryptocurrency, which needs to be tested by the ICT ministry.

“In a meeting with the board of directors of the Post Bank of Iran on digital currency based on blockchain, the necessary measures for the pilot implementation of the country’s first digital currency were set out by using the country’s elite capacity. A pilot model for review and approval will be presented to the banking system of the country,” said Azari Jahromi  in a Tweet.

The latest stance of Iran’s c-bank on cryptocurrencies is in stark contrast with earlier statements of the minister who had said the government was working on setting up the infrastructure for adoption of blockchain and bitcoin usage in Iran as a means to circumvent the international sanctions.

Obviously the idea of the Venezuelan president Nicolas Maduro and the Petro is not entirely his, but at least he made steps towards realizing it.

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