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Iran is legalizing crypto-mining, giving a boost to this activity which was already booming despite the unfavorable position of the authorities. According to the Iran Chamber of Commerce, Industries, Mines and Agriculture, the government decided to give the green light to this activity, promoting a series of legal reforms that put an end to a […]
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Control of the U.S. dollar and the global financial system that depends on it gives the American government an incredibly powerful tool in shaping international affairs. As such, it is not surprising that its geopolitical rivals around the world will try to exploit the invention of cryptocurrency to take the USD down a peg. The latest example comes from Iran that now wants to create a digital token backed by gold.
Also Read: Iranians Defy Warning and Share Pictures of Bitcoin Mining in Mosque
Days after President Trump slammed bitcoin and the very idea of crypto, geopolitical foe Iran revealed that it is ready to unveil its own gold-backed cryptocurrency. Gold held in reserve by the Middle East country’s central bank will back the value of tokens on the blockchain of Iran’s new central bank “cryptocurrency” – which might […]
The post Iran Punks Trump With Historic Gold-Backed Crypto Scheme appeared first on CCN Markets
It’s no secret that foes of the United States – including Venezuela, Iran, Russia, and China – are experimenting with cryptocurrency technology as they seek to render their economies immune to crippling US sanctions. However, a new study from the Foundation for Defense of Democracies (FDD) exposes the lengths to which these rogue nations are […]
The post Study Exposes How Russia, Iran, & China Are Weaponizing Crypto appeared first on CCN Markets
According to regional reports, the Central Bank of Iran (CBI) is planning to allow licensed cryptocurrency mining as long as operations are charged for electricity based on the price of export. The CBI governor, Abdol Nasser Hemmati, explained that mined cryptocurrencies should flow back into the Iranian economy.
Also read: Bitcoin Miner Recounts Struggle to Obtain Cheap Iranian Power
Mounting cryptocurrency regulations have some Chinese bitcoin miners fleeing the world’s second-largest economy. Their surprise destination? Iran. According to the Managing Director of the Iran Blockchain Association, Mohammed Sharqi, talks have already started between interested parties. Confirming this in a statement to PressTV, Sharqi said: “The Chinese have made requests through official channels for cryptocurrency […]
The post Why Bitcoin Miners Are Fleeing China for Iran appeared first on CCN Markets
By CCN Markets: The Dow Jones has fared surprisingly well this year despite simmering US-China trade tensions, gaining nearly 15% heading into the final week of June. The stock market’s latest rally puts it on track to record its best June since 1938. But the enormous stock market rally faces a new threat – the Trump administration’s decision to increase sanctions on Iran. Brian Hook, the US special representative to Iran, told CNBC in an interview: “We are going to increase our sanctions on Iran and continue our foreign policy.” A bad omen for the Dow The stock market is
By CCN Markets: The Dow diverged from the broader U.S. stock market on Friday and was last seen eyeing its fifth consecutive gain as rising oil prices pushed energy blue-chips higher. Dow Edges Higher; S&P 500, Nasdaq Slip The U.S. stock market opened slightly lower on Friday, reflecting a tepid pre-market for Dow futures following a record-setting rally during the previous session. The Dow Jones Industrial Average climbed 58.52 points, or 0.2%, to 26,811.69, its highest level of the year. Chevron Corp (NYSE: CVX) was the Dow’s top performer, gaining 1.4%. Exxon Mobil Corp (NYSE: XOM), another energy blue-chip, rose
By CCN Markets: The Dow inched toward a cautious session on Friday following President Donald Trump’s blunt assertion that Iran owns the blame for attacks on two tankers in the Gulf of Oman. Dow Edges Lower; Nasdaq Suffers Steep Drop All of Wall Street’s major indices prepared to suffer opening bell declines. As of 9:07 am ET, Dow Jones Industrial Average futures had dropped 43 points or 0.16% to 26,078; that set the DJIA up for a 50.77 point decline. S&P 500 futures declined 0.24% to 2,891.5. Nasdaq futures fared the worst, as plunging chip stocks caused the tech-heavy index
Traders from Iran have been banned from using the peer-to-peer trading platform Localbitcoins.com within the country. The Iranian section of the website displays a short message that states that the exchange is “currently not available.” The news follows significant Iranian rial trade volume on the Localbitcoins platform, which has been climbing steadily over the last few weeks.
Also read: Bitcoin Miner Recounts Struggle to Obtain Cheap Iranian Power
This article was originally published by 8btc and written by Lylian Teng.
Many Chinese cryptominers have migrated to places with cheap electricity and favorable policies as a result of the escalated government crackdown on cryptocurrency and its production process.
With the rapid downfall of bitcoin prices in late 2018 and increasing electricity bills, Chinese mining investors are looking for alternative places to sustain their businesses. The tightened regulations on cryptomining in the country, for the risk of crypto speculation and concerns about energy usage, urge them to speed up their relocation.
On Feb. 22, bitcoiners rejoiced when the financial banking giant Fidelity was handed the ‘Lightning torch’ as the Lightning Network’s social experiment was passed on to its latest bearer. Then, two days later, the new Lightning torch holder made the decision to exclude passing it on to a cryptocurrency executive from Iran because of U.S. sanctions. After a few words were exchanged between the torch holder and onlooking cryptocurrency supporters, an argument erupted over the debacle. The exclusion showed that a good portion of the community believes it is wrong to censor individuals over arbitrary laws and invisible borders.
Sanction-hit Iran is negotiating the use of its state-backed cryptocurrency with eight foreign countries, according to a Tehran Times report. The Middle Eastern nation had its representatives met with their counterparts from Switzerland, South Africa, France, England, Russia, Austria, Germany, and Bosnia. According to Mohammad-Reza Modoudi, the acting head of Iran’s Trade Promotion Organization, the meeting took place in hopes to lure foreign investors into the country. At the same time, the representatives also discussed how Iran would settle its global trades while hit by an international banking sanction. Digital Rial, as Tehran Times reported, was Modoudi’s response. Circumventing US
As U.S-imposed sanctions continue to cripple Iran economically, the Islamic state is reportedly on the verge of announcing its state-backed cryptocurrency. The ability of Iranian financial institutions to conduct transactions and relate with the rest of the world has been shackled since the sanctions were enforced and many believe the Iranian cryptocurrency will help abate some of the effects of the sanctions. To further stoke the rumor fires, it has been reported that the Iranian government expects to make an announcement concerning the digital asset at the annual Electronic Banking and Payment Systems Conference, which kicks off in Tehran on January
In this edition of The Daily, Iran is reportedly preparing to announce its national cryptocurrency during a conference starting on Jan. 29. Also, a draft decree introducing legal definitions for terms related to cryptocurrencies has been introduced in the Italian Senate and the IMF has voiced concerns over Malta’s blockchain industry while recognizing the positive growth prospects for the island nation.
Also read: Crypto Wallet Raises $ 15 Million, Localbitcoins Suffers Vulnerability
Iran is toying with the idea of lopping zeros off its national currency as inflation goes through the roof. History tells us this is rarely a good idea. Cryptocurrency provides an alternative for those living in countries where the fiat currency is being rendered worthless. Crypto adoption in Iran is growing steadily, with government economic mismanagement credited with being a contributing factor.
Also read: Venezuela Wants to Use Petro to Finance Large Housing Program
Experts from Russia will provide support for the development of Iran’s crypto-economy. The cooperation is part of an agreement reached by representatives of leading industry organizations from the two countries, both subjected to western sanctions.
Also read: Vietnam at Crossroads on Cryptocurrency Regulations
The document has been signed by the Russian Association of Cryptoindustry and Blockchain (RACIB) and Iran Blockchain Labs (IBL), an innovation hub tasked with the implementation of digital technologies in the economy of the Islamic Republic. The research and advisory center has been established by the Sharif University of Technology and with the participation of the Central Bank of Iran.
The Financial Crimes Enforcement Network has warned U.S financial institutions that the Iranian government might be dodging economic sanctions by using cryptocurrencies. The document highlights challenges arising from peer-to-peer virtual currency exchanges and encourages banks to monitor blockchain ledgers for transactions tied to the country.
Also Read: Church Mining Cryptocurrency to Pay Higher Electricity Rates
The U.S. organization, known as Fincen, issued the warning in an advisory to assist U.S. banks and other financial actors such as cryptocurrency exchanges in identifying “potentially illicit transactions related to the Islamic Republic of Iran.” The document includes a lengthy section relating to crypto, as well as an estimate that “since 2013, Iran’s use of virtual currency includes at least $ 3.8 million worth of bitcoin-denominated transactions per year.”
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.
