Lowering the ceiling of digital currency transactions again; The cryptocurrency market becomes limited and non-transparent
The Electronic Card Payment Network Company (Shaperk) announced in an announcement on the 22nd of December that the daily deposit limit to digital currency exchanges in the country has been reduced from 50 million tomans to 25 million tomans for each payment. Of course, the central bank and its executive arm, Shaperk, did not limit the number of daily transactions, and each person could make four transactions of 25 million tomans per day, which in total allowed people to transact up to 100 million tomans per day.
The new news in the field of digital currency indicates the new decision of Shoprak to reduce the transaction limit again. According to the announcement of some payment companies as well as some cryptocurrency exchanges of the country, based on this new decision, the transaction limit, which previously was 25 million tomans for each payment, is now 25 million tomans for each national code. With this decision, people can only make transactions up to 25 million tomans per day with any number of bank cards.
However, according to Mustafa Amiri, the CEO of Zarinpal internet payment portal, this reduction of the transaction limit has not been officially communicated to payment companies, but it is actually being implemented. In this regard, Amiri told Zomit: “Until today, we have not been given any official notification about this issue, but this happened and this restriction was implemented at night.” Whatever we have followed up, the loved ones in Shaperak are responding to us with healing.”
Mohammad Mahdi Shariatmadar, CEO of Jibit online payment portal, also confirmed the lack of official notification of this reduction in the transaction limit and said: “The first step of reducing the limit was announced to us verbally, but we were not told about this reduction even verbally and we ourselves realized the issue. we became This change was applied at midnight on the 8th of December, and when I followed up with Shoprak, they didn’t know about it either. Probably, this change was applied by the central bank or the company, but Shoprak followed up and confirmed the application of this change.
Applying restrictions with the aim of controlling the currency market
The CEO of Zarinpal considers the main reason for the reduction of the transaction limit to be the control of the currency market; However, he considered such measures to be destructive to the field of digital currency and stated: “It seems that more restrictions are applied to the field of cryptocurrency to control the currency market and the concerns that exist in this field; But honestly, our view is that the central bank seems to have made up its mind. It’s like they want to destroy the cryptocurrency field like many other fields!”
They want to destroy the cryptocurrency field like many other fields.
According to him, the scenario of applying restrictions for this area has existed for a long time and it started with setting the deposit limit of 100 million tomans. Amiri added in this context: “At that point, it was decided that a maximum of 100 million Tomans should be settled with each cryptocurrency seller per day. In the next step, payment companies were asked to limit the ceiling to 25 million tomans per card. Even today, the regulator has come to the point of decision and is applying a limit of 25 million tomans per national code.
Mustafa Amiri’s prediction is that the process of reducing the ceiling and limiting transactions will continue and “probably the next step is to reduce this number to 10 million tomans to gradually make this area smaller.”
Cryptocurrency will be crushed
The CEO of Zarin Pal believes that this process will have no result other than pushing the market’s operators and its transactions to the black market: “When you cannot buy the needs that exist from the official mechanisms, you will go to the black markets, including Telegram and WhatsApp channels and … you are going.”
Of course, according to his belief, the central bank’s full supervision of digital currency market activities is another reason for people to turn to channels for activities in this area that are less likely to be monitored and monitored and less transparent.
Amiri said in this regard: “Given that today the central bank can transparently monitor the market of Tether, Bitcoin, etc., and if one day it has data needs in this area, it can provide the required information such as the volume of financial turnover. “It will be mined through Shaperak, and the transactions of this area will go to the post office.”
Transactions will go to the post offices with comprehensive monitoring.
He went on to describe the result of these conditions prevailing on the digital currency market and said: “The result will be something similar to what is happening in the currency market today and we have several exchange rates, this is also happening in the cryptocurrency market. . In general, the same thing that happened in the other areas and the government and the central bank have no control, this area will also be out of control and access will become less and less.
Amiri believes that the Central Bank and Shaperak have entered this field under the pretext of monitoring and implement such laws and regulations, but what is happening will eventually lead to the “blocking and destruction” of this field.
Limiting the cryptocurrency market does not lower the price of the dollar
Mohammad Mehdi Shariatmadar, the CEO of Jibit online payment portal, also considered “controlling the currency market” and “limiting the cryptocurrency market” as the two main reasons for reducing the transaction limit of 25 million tomans for each national card; “I think the reason for these restrictions is related to the price of the dollar, although I doubt that this is the only reason, because the first step of this restriction was implemented before the increase in the price of the dollar.”
Of course, Jibit’s CEO does not consider restricting this market to affect the dollar rate: “In my opinion, because the volume of this market is not large enough to affect the dollar rate, it will not have a key and important impact.”
By stating that the application of these restrictions can even lead to an increase in the exchange rate, because prices increase in the non-free market, he added: “The fact that the price of the dollar has decreased is due to the change of the head of the central bank and his different approach towards has passed. For example, he says that I am focusing on lowering the price of the dollar, people will be stimulated to sell their dollars at a higher price, and this will reduce the rate. But usually, as people’s access to an area decreases, the price goes up. That is, creating restrictions will increase the price. “I think that when the market is free, the pricing will naturally improve, but with restrictions, the price will go up.”
As people’s access to cryptocurrency transactions decreases, prices increase.
According to him, limiting the field of digital currency is another reason that can be considered for making these decisions. He explained the restrictions on this market and said: “These events, rather than having a regulatory aspect, are limiting this area and shrinking the scale and size of the businesses in it; However, the inflammations in the currency field are not without influence in making a decision such as further reducing the transaction ceiling or implementing these decisions as quickly as possible.”
Considering the changes applied in the last 20 days to the field of digital currency and its transactions, the question that occupies the minds of the activists in this field is, what will be the consequences of applying these restrictions?
Mohammad Mehdi Shariatmadar answered this question as follows: “Definitely limiting people to pay 25 million tomans per day for cryptocurrency transactions is effective for those who were buying and selling more than this amount.” This reduction affects both the business income and the user experience.
Decreasing the ceiling of transactions affects the income of businesses and the experience of users.
According to him, one of the most important effects of this event is the reduction of transparency in the market exchanges and turning more and more to informal sources: “If the amount of payments and transactions falls below a certain level, exchanges will go to informal sources such as social networks and messengers or people They use their personal connections to buy digital assets.”
Emphasizing that the reduction of the transaction limit or restrictions of this kind will not reduce the demand for digital currency and will not stop the transactions in this area, the CEO of Jibit considered the increase of transactions in informal areas to be the most important consequence of this restriction and predicted the result as follows: “In this situation, a market is formed in which the events inside it are not visible and lacks transparency.”
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