Iran Central Bank Official Calls Cryptocurrency Useless in Face of US Economic Sanctions

Central Bank Of Iran

KANALCOIN NEWS –  An official of the Central Bank of Iran (CBI) said that cryptocurrencies are currently useless against the economic sanctions imposed by the United States on Iran. Iran has in recent years received economic sanctions from the United States.

The economic sanctions imposed by the United States on Iran were motivated by the reason for Iran’s nuclear activities. However, there are indeed those who say that relations between the United States and Iran have never been good in the past.

Therefore, all high-ranking elements in Iran are trying to recover from the economic sanctions imposed by the United States. In the midst of growing technology, cryptocurrencies emerge as an alternative solution to economic problems.

However, according to the official of the Central Bank of Iran (CBI), Mohammadreza Mani Yekta, who also serves as deputy head of the CBI office for payment systems, said that cryptocurrencies are useless to overcome economic sanctions from the United States.

Yekta admits that existing studies have shown that digital currency does not contribute anything in getting through times of crisis amid economic sanctions from the United States.

On the other hand, Yekta’s statement seems to contradict research and reports submitted by the Majlis Research Center in 2018. In its report, the Majlis Research Center advises the government to use digital currency to avoid economic sanctions from the United States.

In addition, according to one Iranian newspaper, the government is already planning to draw up plans and measures to use cryptocurrencies in a new and effective manner for national interests on a massive scale. Previously, Iran was also reported to have supported legal cryptocurrency mining.

Yekta’s opinion regarding concerns about the use of cryptocurrency is not without foundation. Yekta said that security is a very risky factor in using digital currency.

Previously, another Iranian official, Ali Tazreji, suggested something similar to Yekta’s thoughts. Tazreji said that the government through the Ministry of Industry must do everything possible to guarantee the security of cryptocurrency users.

Tazreji also considered that the relationship between the Ministry of Industry and the state court must be solid to minimize the potential for violations related to cryptocurrency mining and trading in Iran.

Yekta also highlighted the issue of very volatile bitcoin prices. This is based on the highest bitcoin price increase in history on December 27. At that time, the price of bitcoin even reached $ 28,400 (Rp. 398.40 million) per coin.

“People should be aware of the risks associated with placing money in crypto assets… crypto prices are very volatile and there is no regulatory body to control the market and investors are likely to incur heavy losses,” said Yekta as reported by from .


Muhammad Zaki Fajrul Haq
Author: Muhammad Zaki Fajrul Haq

Follow me at @mzfajrulhaq (Instagram) or @ZakiFajrul (Twitter).

Notify of
Inline Feedbacks
View all comments