Category Archives: Iran blockchain news

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LocalBitcoins Imposes Restrictions on Accounts Based in Iran

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As a fallout from the recent US-Iran tensions, a major peer-to-peer cryptocurrency exchange, LocalBitcoins, has banned all its users based in Iran per their website.

A response by LocalBitcoins to an Iranian user circulated in social media and local news websites read as follows, “If you have an account already, you will be able to withdraw your bitcoins, but you will not be able to use the platform for trading.”

The following message appeared on the platform’s Iran country page, “Unfortunately, LocalBitcoins is currently not available in your selected region.” On Twitter, the company told several Iranian users: “Our services are not available in your region for risk-based reasons.”

The official reason cited by the exchange behind the restriction for the Iranians was to comply with financial regulations in Finland, where the exchange’s headquarters are located. But it is clear that this is a move to avoid a ban by the US, similar to the one faced by many crypto exchanges as a result of their dealings with Iran.

This is also in line with the decision of many other crypto exchanges such as Coinbase and Binance, which also don’t support users living in Iran.

LocalBitcoins was particularly popular in Iran because the platform didn’t require a credit card or online payment method, meaning that Iranian users who didn’t have an international bank account due to the restrictions could still buy and trade crypto. This was one of the reasons why there was a massive trend of rising rial trading volumes on the platform in recent weeks.

In a bid to circumvent these sanctions, Iran reportedly was planning to launch its own cryptocurrency at the start of this year, but nothing on that front has been officially confirmed as yet.

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Iran Banks Launch Gold-backed Crypto “PayMon”

Iran Banks Launch Gold-backed Crypto “PayMon”

Iran banks have launched a gold-backed cryptocurrency dubbed PayMon, reports the Financial Tribune.

The report claimed that four Iranian banks including Bank Melli, Parsian Bank, Bank Mellat and Bank Pasargad have joined hands with blockchain startup Kuknos for the above-mentioned project.

Moreover, it has been reported that a billion PayMon will be issued at the first stage. These will be used to tokenize banks’ assets and properties. An over-the-counter (OTC) crypto exchange named as Iran Fara Bourse is expected to use the token.

Previously, in July 2018, reports came out claiming that Iran was looking to launch its own national cryptocurrency. Iran sees cryptocurrencies as a mean to bypass new economic sanctions imposed on it by the US government. The new cryptocurrency is expected to back and tokenize Iran’s national fiat currency, the rial. Thereby, cross-border and domestic transactions will be facilitated.

However, last week, the Central Bank of Iran stated in a draft report that it is considering to block the use of unapproved cryptocurrencies for payments.

On the other hand, lawmakers in the US have presented bills against Iran’s attempts to develop sovereign cryptocurrency. In a bill introduced by Mike Gallagher (R-Wisc), the Blocking Iran Illicit Finance Act demanded an investigation into Iran’s crypto efforts.

Furthermore, in another bill, sanctions against those who provide Iran any technical or financial support to develop its cryptocurrency (digital assets) are demanded. The said bill was presented in the Senate by Sen Ted Cruz.

 

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