Iran tightens control of cryptocurrencies while its economy fights against the increase in inflation and the weakening of the national currency. The latest restrictions have left millions of crypto users in the country faced with new challenges. At the same time, this repression added more pressure to the global cryptography market, which has already lost $ 500 billion in value in last week.
Iran blocks rial payments for crypto
Last month, the Central Bank of Iran (CBI) suddenly arrested Rial-based transactions in all cryptocurrency exchanges. This decision affected more than 10 million cryptos users, preventing them from buying bitcoin and other digital assets using the local currency.
The decision aimed to slow down the depreciation of the Rial, because the authorities fear that people convert their money into foreign assets to escape economic instability.
With inflation greater than 40% for years and international sanctions by reducing Iran from the global financial system, many Iranians have turned to crypto as an alternative. The country’s cryptography market increased quickly, young investors hoping to take advantage of the booming digital asset space.
CBI supports, tighten the cryptography rules
However, the growing control of the government suggests a push to pass the crypto in strict regulations. During a recent meeting, Iranian President Masoud Pezeshkian noted that the CBI is now the only authority supervising the country’s cryptography market.
These new rules seem to be part of wider steps to stabilize the economy and prevent a new drop in money. The CBI also injects foreign currencies on the market during the repression of the illegal trade police. These steps show a strong push to control economic instability.
New restrictions target usdt
Following the ban on rial payments, the CBI also imposed new conditions on the exchanges of cryptography. Certain smaller platforms have been forced to comply with requests such as proving their reserves and granting real-time access to user data.
The Central Bank also plans a major change for Tether (USDT), the stable -to -dosage stable. It plans to introduce a 4% ceiling on daily price fluctuations. If the price of the USDT exceeds this limit, Iranian traders would temporarily prevented it from buying it.
These restrictions arise while the Iranian Rial continues to weaken, recently reaching a lower 940,000 by US dollar. The authorities take strict measures to stabilize the currency, in particular the reduction of illegal currency exchanges in the streets of Tehran.
Although the crypto remains a life buoy for many Iranians, the last regulations could make them more difficult for them to freely access digital assets.
