The Central Bank of Iran does not recognize the cryptocurrency, but creates its own

According to the statement of Iran’s Central Bank, the financial authorities of the Islamic Republic has never recognized bitcoin and other digital currencies as legitimate tools for calculations and has not made transactions with their participation.

Local media quoted the response of the Central Bank of Iran attempts to associate it with the operations with cryptocurrency:

«Strong fluctuations of cryptocurrencies, along with competitive activity in the implementation phase, using elements of network marketing and financial pyramid schemes made the cryptocurrency market is extremely unreliable and even dangerous.»

In the same statement, the regulator has warned Iranian citizens about the high risks of investment in this extremely volatile market and reminded about the real possibility of losing all funds invested. The Bank reported that it was conducting a preliminary design of the system and control complete prevention of cryptocurrency circulation in the state.

At the same time, Mohammad Javad Azari Jahromi (Mohammad-Javad Azari Jahromi) the Minister of information and communication technologies (ICTs), has shared information that the Iranian Post Bank is developing a local cryptocurrency, which will test the Ministry of ITK.

In earlier statements the Minister ITK Amir Hossein, Let (Amir Hossein Davaee) it was also reported that he controlled the Ministry is working on mechanisms for the use of cryptocurrency in Iran. Then the use of digital currencies was considered as one of the possible ways to bypass the US imposed financial sanctions.

It should be noted that another country under the influence of such sanctions — Venezuela — has made real steps in this direction. The fact of the issue of Venezuela provided oil national cryptocurrencies have raised concerns with the government of the United States the possibility of circumventing sanctions.

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