Iran tightens its grip on cryptocurrencies, affecting millions of users and increasing pressure on the global crypto market.
Iran Blocks Rial Payments for Crypto
Last month, the Central Bank of Iran suddenly stopped rial-based transactions in all cryptocurrency exchanges. This decision affected over 10 million users, preventing them from purchasing Bitcoin and other digital assets using local currency. This aims at slowing down the rial's depreciation.
CBI Tightens Crypto Regulations
The government's increasing control suggests stricter regulation of cryptocurrencies. In a recent meeting, Iranian President Masoud Pezeshkian noted that the CBI is now the sole authority overseeing the crypto market in the country. These measures are part of efforts to stabilize the economy and prevent further currency decline.
New Restrictions on USDT
The CBI also imposed new conditions on crypto exchanges. The central bank is considering a 4% cap on daily price fluctuations for Tether (USDT). If USDT's price exceeds this limit, Iranian traders will be temporarily unable to buy it.
The latest regulations make access to cryptocurrencies more difficult for users in Iran, highlighting the intensifying economic crisis and increased government control.
