CoinDesk reports that the situation for the users of cryptocurrencies in Iran has deteriorated significantly. May they experience difficulties with access to the trading platforms. In particular, talking about Binance, Blockchain and LocalBitcoins. In recent days, the government without warning blocking access to cryptocurrency exchanges. VPN and other ways to bypass the powerless: the authorities block traffic with tools in-depth analysis.
Technically, cryptocurrencies are not prohibited in the Islamic Republic of Iran. Many Iranians privately acquire bitcoins as a store of value: it’s easier than buying on the black market American dollars. The economic downturn in the country — the annual inflation rate of the Iranian Rial reached 127% — has led to the fact that the authorities are trying to deal with the withdrawal of funds abroad. In April 2018, the Central Bank of Iran banned the use of bitcoin and other digital currencies in all financial centers of the country.
Project Director IranObserved at the Institute of the Middle East Ahmad Khalid Majidyar commented:
President Rouhani does not want the Iranians were transferred outside the country foreign currency, especially dollars. If diplomacy fails, it will mean further restrictions that will affect cryptocurrencies.
Recently, the head of the economic Committee of the government of Mohammad Reza Parabrahma said that cryptocurrency traders have a negative impact on the economy, as spending on foreign trading floors “billions of dollars”.
The legal status of cryptocurrencies in Iran is not yet defined. Last year, the Iranian authorities had planned to develop a legal framework trafficking of digital currencies. Commission of the Supreme Council on cyberspace Iran studied the economic aspects and security issues. In the end, the Council has proposed five scenarios for the settlement of the circulation of digital money.
The reason for the radical change of course was the economic instability caused by political uncertainty. The authorities expect the resumption of tough sanctions from the United States in August and November this year. Sanctions are returned as a result of the US withdrawal from the nuclear deal with Iran: America and Israel accused Tehran that it continues secretly to develop nuclear weapons.