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Ban on Online Forex Trading to Be Eased

CBI plans to put in place a new set of regulations for online currency trade to prevent further problems and possible violations. CBI plans to put in place a new set of regulations for online currency trade to prevent further problems and possible violations.

The ban on online currency trade by exchange shops will be eased and the Money and Credit Council is in charge of following up the matter, the Central Bank of Iran’s head of IT and Communication Department announced. 

“I believe MCC will approve the agenda of easing the restrictions on online currency trade by bureaux de change,” Nasser Hakimi was also quoted as saying by IBENA.

CBI plans to put in place a new set of regulations for online currency trade to prevent further problems and possible violations.  

Online currency trade had been legal in the past but due to a number of issues, following a directive on November 2, CBI banned all online currency transactions.

According to Article 28 of the directive related to the establishment, activities and supervision over the bureaux de change, currently any form of currency trade on cyberspace is prohibited and all the   processes should be done by licensed moneychangers. 

Prior to the ban, huge scams were reported in online currency trade and Iran’s cyber police (known as FATA) issued warnings in this regard.

According to CBI’s website, about 400 exchangers have been registered and received a license.

CBI has taken strict measures against illegal moneychangers. It announced earlier that “many illegal bureaux de change were identified and a number of them have been fined heavily”.

The Central Bank of Iran recently invited businesses to procure their currency requirements from the banking system at market rates. The proposal was received well and is deemed a prelude to the longstanding plan to unify the dual exchange rate regime in the Iranian market.

    

 

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