Iran To Accept Legally Mined Bitcoin For Important Payments

Iran is also looking into the advantages of cryptocurrencies to escape the harsh effects of US sanctions. According to the Central Bank of Iran (CBI), banks and approved miners will be able to use cryptocurrencies to pay for imports, according to the Central Bank of Iran (CBI). According to a study from the Iranian financial site Tribune, the CBI has released a notice and approved exchanges regarding the new regulatory structure for crypto payments. The government is expected to pass a bill soon that will clarify the regulatory framework in the country.

The tensions between the United States and Iran have gotten worse over time, and the US Treasury Department has effectively crippled Iran’s economy, which is heavily reliant on foreign trades. Iran has been looking into the advantages of cryptocurrencies and how they can help the country avoid sanctions. On October 29, 2020, Iran became the first country to accept Bitcoin as a medium of exchange.

The government had given over 1,000 licenses for crypto mining equipment and had also offered miners power plants. In Iran, crypto mining is legal, but each miner must obtain a permit from the Ministry of Industry, Mine, and Trade. Licensed miners must sell mined Bitcoin to Iran’s Central Bank through the entity’s given channels.

Iran’s relationship with cryptocurrencies was abrasive at first, and mining cryptocurrency was prohibited until 2019. Local authorities seized 45,000 BTC mining rigs in January this year after several blackouts were recorded across the region. Iran isn’t the first nation to use cryptocurrency as a means of evading US sanctions. Venezuela is one of the most active countries in this region, and it does exchange BTC in LocalBitcoin, a marketplace.

Many savers and investors in Argentina, currently undergoing a severe financial crisis, turn to cryptocurrency as an alternative. Argentinians also are flocking crypto exchanges and marketplaces to buy and sell crypto assets and hedge against currency inflation. They also noted that laws governing how bitcoin can be used would only encourage bitcoin miners in Iran to go underground.




kayseri escort kayseri escort kıbrıs escort kilis escort konya escort konya escort konya escort malatya escort malatya escort malatya escort manisa escort gaziantep escort van escort tunceli escort bursa escort sivas escort siirt escort şanlıurfa escort bilecik escort samsun escort çanakkale escort istanbul escort ankara escort izmir escort izmir escort bursa escort antalya escort antalya escort adana escort kocaeli escort konya escort mersin escort şanlıurfa escort samsun escort diyarbakır escort hatay escort manisa escort balıkesir escort gaziantep escort sakarya escort tekirdağ escort kayseri escort eskişehir escort aydın escort van escort denizli escort kahramanmaraş escort izmit escort trabzon escort adıyaman escort afyon escort erzurum escort ordu escort bodrum escort bodrum escort malatya escort elazığ escort tokat escort sivas escort muğla escort aksaray escort amasya escort niğde escort batman escort kütahya escort çanakkale escort çankırı escort çorum escort düzce escort hakkari escort edirne escort yozgat escort zonguldak escort bingöl escort yalova escort uşak escort sinop escort şırnak escort rize escort muş escort nevşehir escort osmaniye escort bolu escort mardin escort kırşehir escort kastamonu escort giresun escort kırıkkale escort ısparta escort karabük escort karaman escort kibris escort hatay escort ağrı escort afyon escort antalya escort antalya escort ardahan escort artvin escort ankara escort balıkesir escort bartın escort ankara escort bayburt escort bitlis escort istanbul escort burdur escort