Iran’s government hits out at crypto again as currency freefalls
Al Jazeera
Iran appears poised to impose new levels of control and oversight into crypto amid deteriorating economic conditions.
Tehran, Iran – Iranian authorities have again been cracking down on cryptocurrencies and online exchanges as the value of the national currency plummets in an economy in turmoil.
Last month, the Central Bank of Iran (CBI) suddenly stopped rial payments in all cryptocurrency exchanges, leaving more than 10 million crypto users unable to spend rials on Bitcoin and other global online currencies.
The goal was to counter further depreciation of the embattled national currency by stopping it from changing hands for foreign currencies.
The crypto market grew significantly last year and leans towards a bullish 2025 as countless young Iranians turn to a growing global market to make money in a largely isolated economy straining under harsh Western sanctions.
The move had been tried before at limited junctures, but never for so long and at such a scale, seeming to be part of a larger governance effort by an establishment that wants stringent levels of control and oversight on the burgeoning crypto community.
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