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The Iranian government’s recognition of cryptocurrency mining as a legitimate industry propelled bitcoin price to hit record highs at a time when the country closes in on its own national cryptocurrency to evade sanctions. According to local news agency IBENA, the country’s High Council of Cyberspace (HCC) has confirmed that the government now sees the
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The world’s most expensive bitcoin core (BTC) price is in Iran. A combination of high foreign currency demand, economic sanctions and an improved regulatory environment – with some speculation – have sent the price of the leading digital currency skywards. How high can it go?
Also Read: Iran Officially Recognizes Cryptocurrency Mining
The price of BTC in Iran rose sharply on Wednesday after the government of President Hassan Rouhani approved plans to mainstream bitcoin mining – and as the local currency nosedived.
Recently, Iran have announced that they will start to recognise cryptocurrency mining as an industry.
This comes after an increased pressure on the country by the United States changing the economic sanctions. Along with this news comes the price of Bitcoin on the Iranian exchanges. He Price of Bitcoin in Iran is around $ 24000 at the time of writing.
The exchange platform in Iran, Exir has reported that a price of 1,020,000,000 IRR for just one Bitcoin.
The deputy for innovative technologies at the Central Bank of Iran, Nasser Hakimi, has stated that Iran’s financial regulator will be reviewing the country’s blanket cryptocurrency ban. The central bank official also indicated that the country’s regulatory apparatus pertaining to virtual currencies is expected to be finalized by the end of September.
Also Read: Thailand Updates ICO Licensing Progress, Warns Firm Issuing Token Without License
Whilst speaking at a conference on cryptocurrency and distributed ledger technology in Tehran on Sunday, Nasser Hakimi, the Central Bank of Iran’s deputy for innovative technologies, made statements inferred as indicating that the Iranian administration will likely repeal its blanket ban on cryptocurrencies during September.
The Republic of Iran has revealed the details of its national cryptocurrency in response to the United States-led economic sanctions. According to Informatics Services Corporations (ISC), a central bank-affiliated body, Iran’s future cryptocurrency is backed by Rial and is developed on the Linux Foundation-led open-source Hyperledger Fabric technology. In contrast to decentralized cryptocurrencies such as Bitcoin that are issued
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Iran will likely reverse its cryptocurrency ban in September, a central bank official told a conference August 26, paving the way for official regulation in the country.
The country, which introduced a blanket ban on trading in April this year, has since seen economic turmoil return to its economy in light of fresh US sanctions, its national currency losing a significant chunk of its value since.
Having previously signaled plans to create a national cryptocurrency, the Central Bank of Iran’s chief of innovative technologies Nasser Hakimi said regulatory attention would now shift to public crypto assets.
Right after Washington’s move to impose sanctions that will restrict Iran’s access to US currency, reports came out that Tehran is speeding up the project to develop a national cryptocurrency. Officials in the Islamic Republic believe the state-issued coin could help circumvent the restrictions imposed by the Trump administration.
Also read: New Bill Proposes 5% Tax on Crypto Incomes in Ukraine
Iran might soon take a page out of Venezuela’s playbook by launching its own state-issued cryptocurrency. The move is occasioned by the fact that the country is set to come under renewed economic sanctions from the United States.
According to local media sources, the country’s apex bank, as well as numerous Iranian companies, are putting modalities in place to create a national cryptocurrency. Commenting on the plans, Alireza Daliri, a senior official of the Directorate for Scientific and Technological Affairs of the Presidential Office said:
Iran may employ cryptocurrencies as part of its efforts to circumvent the upcoming US sanctions, according to a high-ranking Iranian lawmaker who said the matter will be discussed in parliament soon. The Iranian MP also believes that digital money can help with overcoming the hegemony of the US dollar.
Also read: PBoC: Bitcoin Trading in Chinese Currency Drops Below 1% of World Total
The significance of Bitcoin as a borderless and neutral money is becoming increasingly apparent as the U.S. is attempting to block Iran from accessing its bank account.
On Tuesday, U.S. ambassador Richard Grenell revealed that the U.S. government is extremely concerned about Iran’s plans to withdraw 300 million euros in cash held in German banks, Reuters reported. “We encourage the highest levels of the German government to intervene and stop the plan,” said Grenell.
Concerns from Russian traders that they may be unable to access Bittrex once the exchange’s new terms of service come into effect this month appear to have been alleviated. Starting March 9th, the exchange will formally block residents of North Korea, Iran, the Crimean region, Syria, and Cuba from accessing its trading services.
Also Read: The Next Generation of Politicians Will Be Crypto’s Biggest Advocates
Last month, Las Vegas-based cryptocurrency exchange, Bittrex, published its new terms of service, which are expected to come into effect on the 9th of March.
Iran’s citizens are straining under the weight of aggressive financial sanctions as result of its nuclear initiatives. Cryptocurrencies like Bitcoin provide a circumvention solution.
Even though Bitcoin continues its somewhat volatile price jumps, it is still a desirable asset for investors around the world. Since its phenomenal growth last year, people are buying and holding until it reaches even greater heights.
According to The Hill, however, for the citizens of Iran, it is more than just a store of value. Hadi Nemati, a cryptocurrency researcher in Iran working at Blockchain Match, explained:
