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Government of Iran Bans Foreign Fiat Currency Exchanges

Government of Iran Bans Foreign Fiat Currency Exchanges

It seems that the Iranians are losing faith in the ditches because it continues to lose value. In response, the Iranian government is trying to prevent them from embarking on foreign exchange, providing another example of the need for bitcoin. We should expect local bitcoin development as this situation develops, as happened in Venezuela and elsewhere.

No other foreign currency exchange
Iranian Central Bank (CBI) has announced the ban on foreign currency trading of individuals and companies at private exchanges across the country. According to local reports, Iranian currency transactions are currently only allowed to buy or sell gold coins “until new announcements”.

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Mohammad Ali Karimi, head of CBI’s public relations, said on Iranian television Tuesday that the new government’s guidelines were intended to “redefine the job description of the exchange rooms.” He added that instead of buying fiat, “exchanges could be given the role of a mediator in cases where Iranian banks do not interact with some foreign banks.” CBI may Considering this is a temporary emergency due to the rapid decline of rial, however, the fact that money changers are given a new role suggests that the central bank expects this to last for at least in a period of time.

Police to Execute Rates
The move to “redefine” the way Iranians can buy foreign currency soon after the government launched a new official rate last week. CBI also announced a ceiling of EUR 10,000 for the amount of foreign currency that Iranian citizens may hold outside the bank. These moves made people flock to exchange shops, only to find out that they had no money to trade because the CBI did not transfer them.

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According to local reports, to enforce this new fixed interest rate, police have begun to take effect on the streets, to stop anyone trading at underground rates or the black market. And Tehran police revealed that it had arrested dozens of “money market makers.” A religious leader, Grand Ayatollah Naser Makarem Shirazi, even called for the money changers to be killed. “In order to teach a lesson, we should do, according to the rules of Islam, several foreign exchange traders who try to break into the country in chaos,” he quoted the media as saying. Iran.

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