Authorities Prohibit Activities Of The Iran Blockchain Community

Authorities Prohibit Activities Of The Iran Blockchain Community

The Iranian Ministry of Interior has placed a halt on the dealings of the Iran Blockchain Community (IBC). However, the group alleges that they were yet to receive an official directive as regards their ban. According to an anonymous source, the department in charge of such organizations in the above-mentioned ministry got information regarding the finances of the IBC and their cryptocurrency transactions from the online article of a domestic newspaper.

During the past weekend, the ministry halted the activities of the group but the IBC representative who also doubles as the CEO of two crypto trading firms said that the group had not received any directive to that end. The IBC executive in an open letter to the ministry’s board in charge of associations stated that keeping track of the financial activities of the blockchain community is the sole right of the group. According to the group’s representative, the duty of alerting customers of impending dangers or risks also remain with them.

Crypto firms based in Iran with high risk exposure were published on the warning list of the IBC. This step according to the IBC chairperson probably led to the group’s ban. Local news has it that an anonymous member of the Parliament alleged that the blockchain board was involved in hard currency transactions with foreign countries. The group however debunked the accusation emphasizing that the group’s sole aim is to advance blockchain technology in the country.

In the wake of crypto mining ban for some months in Iran, the country is making effort to find ways to accommodate cryptocurrencies. The president opined that there maybe need for the Islamic nation to adopt cryptocurrency and lawfully endorse its transactions. He stated that a pilot program should be engaged in by different groups to assess the possibility.


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