Iran is intensifying its regulation of cryptocurrencies as economic conditions worsen, particularly with the plummeting value of the rial. The Central Bank of Iran (CBI) halted rial payments in all crypto exchanges, affecting millions of users. This move aims to curb the depreciation of the national currency and reflects a broader strategy for increased governance of the crypto sector amid ongoing inflation and sanctions. Despite prior attempts, this crackdown represents a significant escalation in efforts to control the burgeoning crypto market, as young Iranians increasingly seek opportunities in global markets.
The goal was to counter further depreciation of the embattled national currency by stopping it from changing hands for foreign currencies.
The crypto market grew significantly last year and leans towards a bullish 2025 as countless young Iranians turn to a growing global market.
The CBI also did not respond to an Al Jazeera request for comment, maintaining radio silence amid significant public concern.
President Masoud Pezeshkian emphasised that CBI is the sole trustee to manage the crypto market, indicating a push for increased governance.
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