Iran Spent $ 2.5 Billion to Acquire Cryptocurrencies


Iran began the process of accession in the crypto sector. According to the Chairman of the Economic Committee of the Parliament, the country spent over $ 2.5 billion to purchase cryptocurrencies.

The announcement came immediately after the central financial institution in Iran banned local banks from using digital assets.

Being asked by, Mohammad Reza Pourebrahimi stated that: “Based on the existing data, few people in Iran are cryptocurrency users and more than 2.5 billion dollars has been sent out of the country for buying digital currencies.”

The President of the Economic Commission of Iran’s Parliament has made an open declaration before the end of last month, specifying that the nation has contributed $ 30 billion to give the entrance to more subjects in the international payment system.

Radiofarda wrote – “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”.

The reasons why the Central Bank of Iran (CBI) has banned the local banks to trade cryptocurrencies last month are mainly money laundering, identity theft and the promotion of terrorist attacks.

A couple of days back, Mohammad Javad Azari-Jahromi, the Information and Communication Technology Minister, uncovered that the people associated with the way toward making the nation’s own crypto coin figured out complete the model from a technical perspective.

However, in contradiction comes the statement made by Pourebrahimi, who claimed that “No virtual national currency has been designed in the country at present.”

Besides the external negative opinions, he considers that the idea of having a crypto asset could facilitate economic deals and circumvent sanctions, according to the news.

The Chairman Pourebrahimi explained that Iran’s cryptocurrency “can pave the way for multilateral currency swap agreements between Iran and countries that are enthusiastic to have economic cooperation with Iran, but they would not have been able to do so because of the sanctions.”

The structure of the cryptocurrency should be appropriate for economic activity and be acceptable at international level simultaneously,” he added.

Pourebrahimi has big plans regarding the use of cryptocurrencies and the benefits that it can bring to the country’s financial ecosystem.

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