What Iran is doing with the bitcoin?

Alan Joseph Alan Joseph
May 31, 2021 4 min read
What Iran is doing with the bitcoin?

Iran which is also widely known as Persia is a country in the Western Asia. It is the second largest country in the Middle East. The country has updated its rules on the officially mined cryptocurrencies in the country. Let’s look at what the country is planning to do with the mined cryptocurrencies in the country.

Iran new Bitcoin policy – Latest News
Central Bank of Iran
Iran legalizing cryptocurrency
Bitcoin Miners in Iran
FAQ

Iran new Bitcoin policy – Latest News

The Iran authorities have announced a new policy where they officially mined cryptocurrencies of the country for the payment of imports. They had updated its rules on the officially mined cryptocurrencies of the country in order to widely use it for the payments of imports.

According to a report from Financial Tribune, the Central Bank of Iran has announced that the licensed banks and the financial payment companies can use the cryptocurrencies that are mined by the licensed miners to use it for the payment of imports.


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Central Bank of Iran

Iran had been hit hard by the sanctions internationally to see the use of cryptocurrency to operate outside the financial controls that follow a traditional way. In the year 2020, the Central Bank of Iran had amended its regulations on the cryptocurrencies so that the miners could mine bitcoins and other digital coins under the control of the government officially.

The miners who could mine under the government will get access to subsidized energy and they will have to provide their mined cryptocurrency to the government for the import payments. Now, the government has taken the further step to extend the legal use of cryptocurrency to the additional groups within the country.

The Central Bank of Iran has not given any further details about the new framework that was announced, they have conveyed that lenders and moneychangers have been notified about it regarding the crypto payment.

Iran's Share of Bitcoin Mining
Iran's Share of Bitcoin Mining

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Iran legalizing cryptocurrency

In the year 2019, Iran had legalized cryptocurrency in the country by implementing a lot of strict rules and regulations in order to control it. Accepting the cryptocurrency mining in a way to sanction the resistant fund, some thought that Iran was moving towards becoming a bitcoin nation.

The miners in the country were doubtful about the idea that Iran would directly deal or create a large group to deal with bitcoins, But the latest update indicated that it would like individual businesses to leverage the digital coins within the country.

Bitcoin Miners in Iran

A bitcoin miner who is based in Tehran has conveyed that she doesn’t believe that the Central Bank of Iran would touch bitcoin in any way and added that the system would provide just rates and the other details and the digital coin will have to transfer the coins from the sender to receiver directly.

They also noted that the regulations the central bank has laid on cryptocurrencies on how to use them will only motivate or promote the miners to conduct the cryptocurrency mining illegally.

FAQ

Is Iran using Bitcoin?

Around 4.5% of all bitcoin mining takes place in Iran, allowing the country to earn hundreds of millions of dollars in cryptocurrencies

Is there a Bitcoin ATM in Iran?

No, there is no Bitcoin ATM in Iran.

In 2018, Iran legalized cryptocurrency mining in order to monitor and regulate the mining farms.

Conclusion

It is considered that no miner in the country is interested to provide their bitcoins to the government as there is a really high charge for the use of electricity and gas in the country and the law would just result in reducing the cryptocurrency mining in Iran.

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