On April 22nd, the Central Bank of Iran (CBI) decided to limit and ban Bitcoin and other cryptocurrencies across the country. They informed all the banks, financial institutions along with exchange centers not to use or trade these currencies. The CBI also warned them that from now on this act will be considered as a crime and will be acted upon if noticed.

In terms of why the CBI reached such a decision, according to their announcement is that these types of currencies have the ability to be used as a tool for money laundry, supporting terrorism and generally money transfer between criminals. 

Now after passing almost two weeks since the CBI banned cryptocurrencies, a wide population of feedbacks and criticizes have been made.

According to ITmen, the CEO of Parsian Bank, Parvizian, was one of the critics of CBI’s approach to cryptocurrencies. Parvizian expressed his ideas about the issue, during a conference called “analyzing the prospect of cryptocurrencies in Iran’s economy”. During the conference, he mentioned that the blockchain technology and digital currencies have been among the issues that are raised in the recent years and the Chamber of Commerce should have its own and specific stance on the matter in assemblies which is rightful to express its ideas such as the councils of credit and economy.

Parvizian pointed that one of the outcomes of telling people not to trade these currencies and limiting them, will be getting away from the governments’ supervision. He said that currently 140 countries are dealing with this phenomena, and people have spent hundreds of billion Dollars on these currencies. “According to statistics, 320 billion Dollars on Bitcoin, 70 billion on Ethereum, 30 billion on Ripple and large amounts on the others have been invested, which shows that they cannot be ignored.” 

He concluded that today, a number of giant companies have invested in digital currencies and many banks have provided facilities to further develop these currencies. “All these show that this matter cannot be dealt by forcing limitations and banning, rather scientific, logical and technological solutions should be considered instead.”

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