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Monday, 21 May 16:07 (GMT -05:00)



Foreign exchange market

Experts Say, Iran’s Cryptocurrency Ban Won’t Affect BTC Rate


The central bank of Iran has banned cryptocurrencies. This decision was made on April 22nd. Apart from banning any cryptocurrency transactions in Iran, they also decided to ban any ads related to cryptocurrencies or blockchain. The reason is simple: cryptocurrencies may be used for money laundering, or sponsoring terrorism, or any other illegal activities. This is explained in the central bank’s official press release.
 
What does Iran demand from cryptocurrencies?
 
Back in February 2018, the central bank claimed that they had never made any cryptocurrency transactions and had never recognized such digital currencies. They think that these assets are unreliable and unstable, with extreme volatility and the principles used in network marketing and financial pyramids. On top of that, the central bank warned the citizens that investing in cryptocurrencies is rather risky and may lead to major financial losses.
 
At this point, it’s unclear how this cryptocurrency ban is going to influence Teheran’s plans to create a national digital currency, which was announced in February 2018. Back then, the Iranian government was excited about Venezuela ’s national digital currency – El Petro – which was designed to avoid the USA’s sanctions and restore the national economy.
 
Experts on Iran’s Cryptocurrency Ban
 
The World Bit Bank’s press office reports that such activities definitely have a meaning and a purpose. No totalitarian regime can exist without controlling each and every aspect of the society’s life. Since Iran cannot gain control over Bitcoin or altcoins, the only viable option for them is to ban cryptocurrencies.
 
Luckily, Iran is not a major player in the cryptocurrency market, which is why this ban is not going to affect the global market by any means. Iran is an outcast when it comes to trading or investing in international financial markets, the experts for The World Bit Bank (the creator of Wibcoin) claim.
 
Masterforex-V Academy experts share this opinion. They also think the ban is not going to affect the global cryptocurrency market in a serious way, or pretty much any way whatsoever since Iran’s role in the market is close to zero.
 
At the same time, it’s clear that the national cryptocurrency announced by Iran, as well as the one issued by Venezuela , is a pseudo-cryptocurrency since it’s will be controlled by the government, which contradicts the very idea of a decentralized blockchain-based cryptocurrency.
 
At the same time, Iran may well lie about not using cryptocurrencies since Bitcoin and other altcoins have become favorite assets for dictators and totalitarian regimes all over the world since they rely on the anonymity of those coins and use them to withdraw their toxic assets and dirty money abroad.

 

At the same time, NordFX reports that Bitcoin has been trying to conquer the psychological level of 10000 USD/BTC. In 24 hours, the exchange rate has gained some 5% and is now somewhere around 9350 USD/BTC.

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Masterforex-V Academy predicts that if the BTC exchange rate consolidates above 9263 USD/BTC, which is a major cluster of trading orders, the next targets will be 9616 USD/BTC and 10000 USD/BTC. On the other hand, a new bearish cycle may start upon breaking below 8922 USD/BTC.

 

 

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