Iran’s Central Bank Blocks Cryptocurrency Exchanges’ Payment Gateways Amid Currency Crisis

PANews reported on January 15 that according to Nobsbitcoin, the Central Bank of Iran (CBI) suddenly blocked the payment gateway of cryptocurrency exchanges without prior notice or any preparation, forcing the public to use the depreciating national currency. The blockade comes after the central bank recently froze bank accounts of cryptocurrency exchanges and suspended payment processing services in November. These measures stem from concerns about speculation and money laundering risks in the USDT market.

The country’s central bank’s action reportedly specifically targeted Iranian rial payment channels used by digital currency exchanges, but withdrawal functions remain available. Related reports claim that the Iranian government is developing a “cryptocurrency centralized management system similar to Shaparak in the banking system” in order to strengthen control of the cryptocurrency market through centralized channels.

Last month, Iran’s central bank approved the Cryptocurrency Policy and Regulatory Framework, confirming its status as the country’s primary regulator for the cryptocurrency industry. The framework aims to authorize cryptocurrency brokers and custodians to operate under the supervision of the central bank, ensuring compliance with anti-money laundering (AML) laws, counter-terrorism financing (CTF) regulations and tax regulations. It has also been reported that the Iranian government has banned advertisements for cryptocurrency miners in response to the current energy crisis.