The Central Bank of Iran (CBI) has taken another step to curb cryptocurrency activity, blocking payment gateways to digital asset exchange platforms. This move comes amidst a severe economic downturn, with the Iranian rial plummeting 37% against the US dollar since the beginning of 2024.
The sudden decision follows a series of restrictions implemented last November, including the freezing of exchange accounts and the suspension of payment processing services. These measures have drawn criticism from industry players, who argue that such policies stifle economic growth and drive away skilled talent.
In response, industry leaders penned an open letter to President Masoud Pezeshkian, emphasizing that these restrictive measures hinder technological advancement and harm the country's human capital.
Informed sources suggest that the government is developing a centralized system for cryptocurrency management, aiming to exert greater control over the market through state-sanctioned channels.
Furthermore, the government has banned the advertising of Bitcoin mining machines following a severe energy crisis that plunged Tehran into widespread blackouts. Authorities have identified over 9,200 mining farms operating more than 265,000 machines in the past three years.
The Human Rights Foundation has condemned the government's actions, stating that "For Iranians enduring severe inflation, financial repression, and an isolated economy, Bitcoin represents one of the few remaining paths to financial freedom — a path the regime is now working to block."
January 2025, Cryptoniteuae