The Central Bank of Iran recently comes up with a plan to limit the use of crypto as a payment option in the country.

Accordingly, the draft report named “Obligations and Rules Regarding Cryptocurrencies” prohibited any kind of services in wallets using cryptocurrencies. However, no direct restriction will be imposed on individuals engaged in holding or transferring small amounts of approved cryptocurrency.

If the bill is passed, the Central Bank will effectively block the use of unapproved cryptocurrencies for payment purposes. The report also indicates that Iranian exchanges must obtain licenses while giving little information on the process.

Iranians may not be allowed to hold large amounts of cryptocurrency, just as they are restricted from owning more than 10,000 euros outside banks, according to Reuters (April 2018).

This move allegedly represents an effort to protect the fiat Iranian rial. As reported by The Crypto Sight, Iran would probably launch its state-backed cryptocurrency as a workaround to US sanctions.