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Iran is tightening its hold on the cryptocurrency market by halting rial payments in all crypto exchanges, a move that affects more than 10 million users, Tasnim news agency reported on Wednesday.

The measure is designed to halt the freefall of the rial, which was recently reported to hit 940,000 against the US dollar.

The Central Bank of Iran (CBI) now completely controls the crypto arena and has instituted restrictions on the extent of daily price fluctuations, particularly aimed at Tether (USDT).

While this may contain the economy within acceptable limits, experts warn that it could push investors seeking investment opportunities into underground markets, risking transparency and potential sanctions during transactions on international markets.

"The bank's actions to restrict price movements in the cryptocurrency market are causing difficulties for users, especially due to the limited scope of the imposed restrictions," said Mohsen Haghverdi, an economic expert.

"Despite the difficulties, the bank is likely to continue with these measures to prevent further depreciation of the rial and contain the economic situation within manageable bounds."

After the rapid depreciation of the rial, which recently touched 940,000 against the dollar, the CBI imposed limits on the daily price fluctuations of cryptocurrencies, Tasnim said.

"The bank's move to restrict price movements in the cryptocurrency market is encountering difficulties due to the limited scope of the imposed restrictions and the reaction of bourse brokers, who are said to be planning to close their platforms in protest," said another economic expert, Payam Kargar.

"The bank is facing a dilemma. If it widens the scope of the restrictions, it risks pushing investors into the shadows and rendering the market opaque, which could invite the threat of international sanctions. But if it maintains the current limited scope, the crypto market will continue to serve as a haven for investors fleeing the collapsing stock market and the rial's depreciation."

Earlier this month, Iran's parliament approved a bill to regulate the cryptocurrency industry. The bill, which was passed by a majority vote in the open session of the Islamic Consultative Assembly, will legalize and regulate cryptocurrency activities in the country.

The bill aims to create a legal framework for cryptocurrencies, setting rules for their use and exchange. It is also designed to prevent money laundering and other financial crimes that could be carried out through cryptocurrencies.

The move comes as Iran is facing increasing economic pressure from the West, which imposed sanctions on the country following its withdrawal from the nuclear deal in 2018. The sanctions have battered Iran's economy, leading to inflation, unemployment and shortages of goods.

In recent years, Iranians have turned to cryptocurrencies as an alternative investment vehicle to hedge against inflation and currency depreciation. The country is also reportedly mining cryptocurrencies to circumvent sanctions and earn foreign currency.

According to Chainalysis, a cryptocurrency research firm, Iran was the third-largest country for cryptocurrency activity in 2022, after Vietnam and the US. The firm's analysis of on-chain cryptocurrency activity—transactions directly on the blockchain—showed that Iranians used cryptocurrency to make cross-border payments and exchange value for goods and services.

The Iranian government had previously taken a mixed stance on cryptocurrencies. In 2019, the central bank banned financial institutions from providing services related to cryptocurrencies. However, in 2023, the government announced plans to launch its own central bank digital currency (CBDC).

The new law will outlaw the use of cryptocurrencies as legal tender, in line with the central bank's stance against anything that could threaten the rial. However, it will allow for the use of cryptocurrencies in other transactions, such as cross-border payments and exchange of goods and services.

The law will also create a regulatory body for cryptocurrencies, which will be responsible for setting rules and overseeing the industry. The body will be composed of representatives from the central bank, the ministry of finance and other relevant institutions.

The passing of the bill is a significant step in Iran's efforts to regulate the cryptocurrency industry. The law will provide legal certainty for those operating in the crypto space and could encourage more institutions and individuals to participate in the industry.

The move could also pave the way for Iran to join the global initiative to regulate cryptocurrencies and prevent their use for illicit activities.

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