While some countries like El Salvador are adopting Bitcoin as a legal tender some are going against it. Just recently the ministry of Interior of the Islamic Republic that has banned the Iran blockchain association (IBA). This decision came after the organization has allegedly breached the regulations of the government. According to the government, the IBA was operating against its own articles of association. This ban happened on Sunday and was bought to light by Financial Tribune Business daily.
What happened?
After the ban reports surfaced that the IBA has been asked to submit the reports regarding its financial performance and activities. The government was more interested in knowing about the interaction the Iran Blockchain association has with crypto exchanges. This is because the parliament has accused that domestic NGOs are getting involved in crypto while foreign currency is transferred overseas. Even though the IBA has denied any such claim, the results weren’t in favor of them.
The IBA claims to be a self-governing body that operates like an NGO. They are a group of experts, entrepreneurs, and activists who spread awareness among Iranians regarding cryptocurrencies. Their primary motive is to prevent people from getting scammed and hence reduce losses.
IBA has exposed high-risk crypto companies
The Iran Blockchain Association is very active in spreading awareness among Iranian investors. Recently, they have published a crypto alert that has targeted many high-risk domestic companies that are involved in crypto. This might have also been the reason for the ban according to the head of IBA. He also added that personal interests are coming in the way to stop the IBA’s effort. And this is also the reason that the news of the ban was made public before the organization was even informed.
At present, there are over 12 million Iranian investors in crypto. And the net amount of investment is between $130-$170 million. With such a huge number it is important that they receive knowledge on how to keep their money safe. But it seems that it is coming in the way of making money for companies that are not actually safe. This has made Iranian investors opt for foreign exchanges that are much safer. All this has resulted in the ban of the organization that was actually trying to do some good.
What are your thoughts on the Iran Blockchain association getting banned? And do you think that the vested interest of the government is the reason for this ban? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.
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