Iran Blockchain association banned by Tehran government
While some countries like El Salvador adopt Bitcoin as legal tender, some oppose it. Most recently, the Interior Ministry of the Islamic Republic suspended the Iran Blockchain Association (IBA). The move came after the organization allegedly broke government regulations. According to the government, the IBA was acting against its own statutes. This ban took place on Sunday and was highlighted by the daily Financial Tribune Business.
After the publication of the ban reports, the IBA was requested to submit reports regarding its financial performance and activities. The government was more interested in knowing the interaction of the Iran Blockchain Association with crypto exchanges. Indeed, parliament has accused domestic NGOs of getting involved in cryptography as foreign currencies are transferred abroad. Even though the IBA denied such a claim, the results were not in their favor.
The IBA claims to be an autonomous body that functions as an NGO. This is a group of experts, entrepreneurs and activists who are raising awareness among Iranians about cryptocurrencies. Their main motivation is to prevent people from getting ripped off and therefore to reduce losses.
IBA exposed high-risk crypto companies
The Iran Blockchain Association is very active in raising awareness among Iranian investors. Recently, they issued a crypto alert that targeted many high-risk domestic companies involved in crypto. This could also be the reason for the ban according to the IBA chief. He also added that personal interests hamper the efforts of the IBA. And that’s also why news of the ban was made public even before the organization knew about it.
At present, there are over 12 million Iranian crypto investors. And the net investment amount is between $ 130 million and $ 170 million. With such a number, it is important that they are given knowledge on how to keep their money safe. But it seems that it prevents making money for companies that are not really secure. This prompted Iranian investors to opt for much safer foreign trade. All of this resulted in the banning of the organization that was actually trying to do good.
What do you think of the ban on the Iran Blockchain association? And do you think government interest is the reason for this ban? Let us know in the comments below. Also, if you found our content informative, like it and share it with your friends.
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