A senior official of the Central Bank of Iran, Nasser Hakimi has recently warned that trading Bitcoin in Iran is illegal. He also warned the public about the volatility and risks with bitcoin trading. He made all the statements citing a local case of money laundering where the Supreme Council has prohibited the sale and purchase of Bitcoin in Iran.
Hakimi cautioned people against the advertisements and marketers of pyramid style network companies. He added that there should be a distinction between the production of cryptocurrencies and its trading. The cheap energy in Iran has helped the spurring of cryptocurrency miners. This is why the Iranian authorities have cut powers for crypto mining. They will continue doing so until the new energy prices come up.
Recently, the Police have seized a number of illegal Bitcoin farms in Iran. The criminals usually choose derelict factories in outlying suburbs to consuming subsidized power to run hundreds of mining machines.
Not only Iran many countries have stayed skeptical towards cryptocurrencies due to its market volatility. India has already adopted new rules for crypto trading, all thanks to many crypto-related scams. According to the rules, any person guilty of crypto-related activities will be sentenced to 10 years of imprisonment.