Local bitcoin iran

Soon after media outlets published a letter from the former president's office, in which the CBI was asked not to block cryptocurrency exchanges. However, regulations approved by the Tehran government in do not prohibit the swapping of cryptocurrencies.

The growing domestic interest in mining and trading cryptocurrencies has prompted authorities to craft a roadmap for crypto business as a whole. However, the issue, experts say, is more complex than previous regulatory challenges. The result has been that no state body wants a role in this sector or accept responsibility.

The Central Bank of Iran said earlier in the year that it was in no hurry to announce new procedures for cryptocurrency exchanges. It said it is working on a plan of action for the crypto market in collaboration with state institutions.

Moreover, LocalBitcoins was trusted by Iran-based bitcoin users because it holds funds in escrow until both sides have given final confirmation, thereby ensuring transaction safety and lowering fraud. He continued: "In local exchanges, rates are unfavorable in many instances while total volume of assets is low. For instance, you can barely find two bitcoins for sale in any given day.

Just over a year ago, U. Legitimate Iranian crypto users have already felt the sting of sanctions several times during the past year as multiple exchanges, including Binance, Bittrex and ShapeShift have stopped offering services. According to Milad Jahandar, CEO of Iranian fintech Bahamta, the elimination of Localbitcoins as one of the few remaining viable options for Iranian bitcoiners will lead to more fraud in cryptocurrency-related commerce.

Jahandar also believes that excluding users from any country due to political reasons runs counter to the very decentralized nature of bitcoin.

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