Crypto Deposits and Withdrawals Halted in Iran: Power Cuts and Currency Woes

Faced with ongoing blackouts and a plunging national currency, Iranian authorities have banned crypto deposits and withdrawals on local exchanges. Cryptopolitan reports around one million citizens can no longer withdraw or top up their accounts. The move aims to curb capital flight into digital assets and help stabilize the economy.

Central Bank of Iran officials concede this measure is temporary yet provided no clear timeline. Meanwhile, licensed miners face stricter electricity quotas amid estimates of a 25,000-megawatt shortfall in the coming months. Energy firms have voiced concern over the grid’s capacity.

Analysts question whether the crackdown will work, as users might resort to “gray” markets. People could shift to informal channels or peer-to-peer deals, complicating efforts to monitor cash flows.