The financial chairman of Iran has declared that the Iranians has moved their capital out of the country to purchase cryptocurrencies. We can speak about $2.5 billion. The banks from the country are banning the dealing with cryptocurrencies, including Bitcoin. That’s why Iran has decided to spend $2.5 billion in order to buy cryptocurrencies.
$2.5 Billion Capital to Purchase Cryptocurrencies
The Chairman of the Economic Commission of the Parliament of Iran, Mohammad Reza Pourebrahimi, declared for the Ibena.ir news agency:
“Based on the existing data, few people in Iran are cryptocurrency users. More than 2.5 billion dollars has been sent out of the country for buying digital currencies”.
After a few time, he then told Isna newspaper that Iranians took out of the country the amount of $30 billion. “Iranians do not have access to the international banking system and the transfers can only occur through unconventional ways, such as exchange dealers or international travelers,” Radiofarda explained.
The Central Bank of Iran heard about the statement of the chairman. Then they started to ban banks and institutions that deal with cryptocurrencies.
Iran’s National Cryptocurrency
Iran’s Information and Communications Technology (ICT) Minister, Mohammad Javad Azari-Jahromi, recently confirmed that the country developed its own cryptocurrency.
Pourebrahimi admitted in another interview that “No virtual national currency has been designed in the country at the present [time].”
The news communicated about the national cryptocurrency that it can “facilitate economic deals and circumvent sanctions”. Quoting that “the future of the world economy will be done on digital currencies,” the chairman asserted that the national cryptocurrency “can pave the path for multilateral currency swap agreements between Iran and countries which are enthusiastic to have economic cooperation with Iran but they couldn’t have it so far owing to the sanctions”. He also declared:
“The structure of the cryptocurrency should be suitable for economic activity and be acceptable at the international level simultaneously”.
Pourebrahimi admitted that the biggest benefit of the cryptocurrencies “is [the] absence of [the] American regulator”. Pourebrahimi’s statement highlights the statement of Azari-Jahromi: “All cryptocurrencies have the ability to circumvent sanctions because they are not under the supervision of the US financial regulator”.