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Iranians’ Crypto Purchases Surpass $2.5 Billion

Wed, 03/07/2018 - 11:50 / By admin

Iranians’ Crypto Purchases Surpass $2.5 Billion

Iran has so far witnessed a capital flight exceeding $2.5 billion in the form of cryptocurrency purchases, the head of Majlis Economic Commission said.

“Despite the fact that a minority of the people of our country are customers of virtual currencies and their new markets, more than $2.5 billion have fled the country following their purchase while a majority of people active in this area are in it for speculative activities and macro profits,” Mohammad Reza Pour-Ebrahimi also told IBENA.

“The future of world economy will be decided by digital currencies, but the use of foreign digital currencies can cause serious hazards for the country in its banking system because of their lack of transparency and absence of an entity backing them,” he said. 

A preliminary prototype of Iran’s national virtual currency has been developed by the Central Bank of Iran-affiliated Monetary and Banking Research Institute and the Ministry of Information and Communications Technology.

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