A total of 9,219 bank accounts in Iran belonging to 545 individuals have reportedly been frozen. The accounts are collectively worth approximately $1.9 billion and have been frozen due to suspicious currency and crypto transactions. Iran has also shut down nearly 7,000 unauthorized crypto mining centers.
Fighting Foreign Currency and Crypto Trading
This is now happening as part of Iran’s plans to fight the illicit trade in foreign currencies and cryptocurrencies. The country’s central bank is now working with Iran’s Ministry of Intelligence to take joint action against this. And it succeeds, with the freezing of more than 9,000 bank accounts.
According to a statement from Iran’s state news agency (IRNA), it claims that currency exchange offices, banks and credit institutions “should avoid buying or selling these currencies and take no action to promote them.”
Energy shortages by Miners
Iran’s power plants say Iran’s crypto miners have consumed approximately 645 megawatts of electricity without proper permits. This resulted in a power shortage in the country.
With fears of a crippling economy due to the country’s currency having recently hit an all-time low, this ban on cryptocurrency trading and promotion is believed to be a shot by the government to deter fearful traders from entering the market. to avoid the country’s currency in favor of cryptocurrencies.
The US could also impose a new sanctions package, given that they regularly clash with each other. However, the latter is highly speculative and not confirmed. More bank accounts in Iran are expected to be frozen in the future due to suspicious crypto activities.