Reports & Analysis

What will happen tomorrow after blocking the payment gateway of Iranian digital currency exchanges?


Blocking the payment gateway of digital currency exchange platforms in Iran; This issue has been one of the most important debates among digital currency activists in Iran for the past two months, and with the urgent letter of the Speaker of the Parliament to the Central Bank last week, this debate is hotter than ever. On the other hand, Iranian digital currency traders are worried about their investments and the future of digital currency transactions in Iran. What will be the consequences of not providing payment gateways to digital currency trading platforms in Iran? What will happen the day after the blockade? Will it still be possible to trade digital currencies in Iran? To answer these questions, we went to several activists in this field.

Afshar Jokar, CEO of Coin Nick Market: The Mushroom Outbreak of Telegram Channels for Digital Currency Trading

What will happen tomorrow after blocking the payment gateway of Iranian digital currency exchanges?
Afshar Jokar, CEO of Coin Nick Market

“By doing so, first of all, the fear of this news causes people to worry about their capital and transfer it to foreign platforms, which in itself increases the risk of losing capital.” Another thing that will definitely happen is the mushrooming of telegram channels to buy and sell digital currencies. Because the need has not disappeared and even now many customers ask us the question of how to convert our trading income into Tomans in the future. Telegramization of transactions will mean an increase in fraud and rampant abuses that we have seen in recent years. Over the past two years, reputable exchanges have been able to prevent this problem by performing advanced authentication. “These will only be obvious effects of this, and there will certainly be other effects that will only become apparent after the negative action.”

Saeed Ebadati, Secretary of the Iran-Blockchain Association Exchange Working Group: Money Laundering Opens

What will happen tomorrow after blocking the payment gateway of Iranian digital currency exchanges?
Saeed Ebadati, Secretary of the Exchange Working Group of the Iranian Bloc China Association

“Blocking the portals in general has many consequences, the most characteristic of which are: undergrounding of activities, increase of fraud cases by new and unknown activists and the influx of plaintiffs to the judiciary and FATA police, transfer of public funds to foreign platforms with the risk of blocking under the pretext of sanctions. Transparency of exchanges, which opens the way for money laundering and illegal activities, because it will no longer be possible to track properly. “The country will also lag behind in terms of scientific and technical development in the field of cryptocurrencies and the Blockchain.”

Soroush Hosseinzadeh, Member of the Exchange Group of the Iran Bloc China Association: Pressure on the Judiciary Increases

“Restricting the Ramzarz ecosystem in Iran has led to the underground market, the expansion of the telegram market, an increase in phishing and fraud cases, and increased pressure on the judiciary and its executive arm, the FATA police. The turnover of the last 24 hours of Bainance was $ 50 billion, of which the Bainance fee (profit) of this turnover is equivalent to $ 100 million. In other words, the three-year-old company has an average annual profit of $ 36.5 billion. “Let’s compare the income of our dear homeland from oil sales during the last two years of sanctions to less than $ 20 billion a year, and we could only have $ 100 billion in oil exports at the peak of oil prices and exports.”

At the time of writing, some Iranian digital currency exchange platforms have officially announced that they are still active, and it is unclear what position the central bank will take. According to the announcement of these platforms, after blocking the ports, the activity will continue and alternative methods for this deposit will be announced. On the other hand, some experts warn of the possibility of severe clashes.

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