MOSCOW - The Iranian Central Bank has banned the use of Bitcoin and other digital cryptocurrencies in the Islamic Republic.

"All currency exchanges and financial institutions are banned from using Bitcoin and other digital cryptocurrencies," the bank said in a statement.”

The decision was adopted back in December over money-laundering concerns, however, the bank’s circular was issued on Sunday.

Cryptocurrencies, or digital currencies, have no material form, and global currency regulations do not currently apply to them. An unlimited number of anonymous sources can issue and use them.

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