CBI bans Bitcoin in Iran

According to CBI public relations department, CBI made the decision by its supreme committee in charge of fight with money laundering last Iranian calendar year.

Virual currencies have the option to be used for money laundering, supporting terrorism, and exchange of sums between wrongdoers, pointed out the CBI circulation.

Bit Coin does not abide by any governing rules and regulations in any countries and no government or bank round the globe monitor or supervises it.

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary.

These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.

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