2.5 Billion Dollars Were Delivered to Iran to Buy Cryptocurrencies

2.5 Billion Dollars Were Delivered to Iran to Buy Cryptocurrencies

May 12, 2018 Off By dan saada

The director of the economic committee of the parliament of Iran has declared that Iranians have transmitted over $2.5 billion out of the nation to buy cryptocurrencies. His declaration follows the central bank banning local banks of the country from dealing with digital currencies that includes Bitcoin.

The Chairman of the Economic Commission of the Parliament of Iran, Mohammed Reza Pourebrahimi was quoted telling that based on the current data, some individuals in Iran are users of cryptocurrency and over 2.5 billion dollars has been transferred out of the country for purchasing digital currencies.

Mohammed Reza previously expressed to Isna newspaper that Iranians had sent out $30 billion out of the nation over the several months ending March. He also added that Iranians don’t have access to the global banking system and the transfers can only take place through untraditional ways, like international travels or exchange dealers.

The statement of the chairman arrives on the heels of the Central Bank of Iran stopping financial institutions and banks from dealing with cryptocurrencies, citing terrorism financing risks and money laundering.

Nevertheless, he also expressed that the national crypto of Iran can handle economic deals and avoid sanctions. Citing that the future of the global economy will be completed on digital currencies. According to the chairman who asserted that the national cryptocurrency could pave the way for multilateral currency chance agreements between the countries and Iran that are eager to have economic collaboration along with Iran; however, they could not have it owing to the sanctions.

Mohammed Reza Pourebrahimi explained that the structure of the cryptocurrency ought to be fit for economic activity and be suitable at the global level at the same time. He thinks that one of the great benefits of digital currencies is the nonexistence of the American regulator that he acknowledged can stop sanctions. His testimony echoes Arzari-Jahromi’s declaration last week declaring that all cryptocurrency has the power to avoid sanctions because they aren’t under the management of financial regulator in the United States.

On the other hand, the President of the United States, Donald Trump has already inhibited from the 2015 Iran nuclear deal by keeping sanctions on Iranian oil exports. Cryptocurrencies have been a problem for different nations worried about how they can be utilized for fraud and laundering. Just last month, two men from South Korea was sentenced for operating a bitcoin pyramid scheme, which stole $20 million from investors.

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