Iran’s Bitcoin Ban and the Ways of Cryptocurrency in the Greater Middle East

The Islamic Republic of Iran has joined the bandwagon of almost a dozen countries that decided not to deal with crypto or leave it all to the government approved currencies only. While earlier this year Iran authorities were planning to create their own national digital currency, now the country’s Central Bank has forbidden all financial institutions and exchanges from working with cryptocurrencies. While this move might be surprising to many, considering reports dating back to late 2017 which suggested that the country’s government considered fully legalizing cryptocurrency, the ban of bitcoin in Iran cannot be fully understood outside of the general context of the recent events in the country, as well as the general situation in the Greater Middle East.