The cryptocurrency market is facing pressure from a few countries at the moment, and Iran has joined by banning its local Blockchain Association.
Iran bans Blockchain Association
The Interior Ministry has reportedly suspended the activities of the Iran Blockchain Association (IBA). This latest development comes the association was reported to have breached certain rules and operated against its articles of association.
According to the Financial Tribune, the Social Affairs Organization has ordered the Blockchain Association to submit detailed reports about its financial performance and activities. The authorities are interested in the association’s activities related to cryptocurrency exchanges.
Sepehr Mohammadi, head of the IBA, says that the board members are yet to receive the notice of termination. However, he pointed out that the ban could be due to a recent publication by the IBA warning people from using certain crypto platforms due to their high risk. Mohammadi said it is the duty of the IBA to prevent Iranians from losing money to scam projects. Hence, the reason why the IBA is spreading awareness.
“Obviously, vested interests will do anything to stop IBA’s efforts. They managed to publicize the [ban] notice before IBA was informed,” he added. Iranians are becoming increasingly active in the crypto and other financial markets.
The Iranian government is becoming tough on crypto
The Iranian government has been taking a tough stance on cryptocurrencies in recent months. This latest development comes barely a month after the government banned cryptocurrency mining activities until September.
According to the government, the ban on crypto mining is to prevent the frequent blackouts across major cities in Iran.