On April 22, the Iranian central bank imposed a ban on trading Bitcoin and other cryptocurrencies. According to the decree, banks in Iran are no longer allowed to handle cash-related cryptocurrency matters. This reported Reuters, citing the state news agency IRNA on Sunday.
The Iranian banks and credit institutions would have to renounce the purchase and sale of digital currencies, it said from Tehran.
The central bank of Iran justified the decision by saying that virtual currencies can be used for money laundering, terrorist support and payments made by criminals.
With this move, Iran appears to be trying to bring its own currency market under control after the Iranian riyal fell sharply earlier in the month.