Moneycontrol
Last Updated : Jul 05, 2018 08:16 PM IST | Source: Moneycontrol.com

Iran censoring cryptocurrency transactions

The current government policy regarding cryptocurrency comes as a shock, considering the fact that Iran was on the verge of a blockchain boom.

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The Iranian government has decided to censor every transaction using cryptocurrency in the aftermath of complaints by Iranian nationals, facing issues while accessing crypto exchanges like Binance, blockchain and local Bitcoins, according to the report by Coindesk.

Moreover, the most preferred VPN method for anonymity is also failing to access the aforementioned cryptocurrency exchanges.

This is the latest in the series of issues faced by Iran. First the heated political climate, then the deteriorating international ties followed by 127 percent inflation in the Iranian currency. This move of censoring cryptocurrency comes as a kick in the gut for the Iranian masses.

The issue first came to surface with a firsthand account from Tehran, stating that the government is moving in the direction of strict censorship of cryptocurrency. There was no official statement by the Rohani administration.

The current government policy regarding crypto currency comes as a shock, considering the fact that Iran was on the verge of a blockchain boom. As early as February 2018, crypto currency start-ups were working with administrators to create separate regulations for block chain and  communications and technology minister MJ Azari Jahromi announced that he was working on separate financial sanctions.

This censorship has simply reversed all the progress made by cryptocurrency platforms in Iran and is totally against the ethics of the blockchain system.
First Published on Jul 5, 2018 08:16 pm
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