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Iran Central Bank Bans Trading of Foreign-mined Cryptocurrencies

Amy Liu

Summary: The Central Bank of Iran (CBI) has prohibited the trading of Bitcoin and other cryptocurrencies mined outside the country, according to a report from news outlet Iran International. At first glance, the move is a formality, as Iran had already effectively banned open trading of cryptocurrency. However, it may signal the intent of Iranian regulators ...

The Central Bank of Iran (CBI) has prohibited the trading of Bitcoin and other cryptocurrencies mined outside the country, according to a report from news outlet Iran International.

At first glance, the move is a formality, as Iran had already effectively banned open trading of cryptocurrency. However, it may signal the intent of Iranian regulators to counter the removal of capital from the country.

Since legalizing cryptocurrency mining (but not trading) in 2019, Iran has looked to regulate the industry to its advantage. Last October, the Central Bank mandated that registered Bitcion miners within Iran sell the mined tokens to CBI. 

By Amy Liu

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