Cryptocurrency Mining Recognised as an Official Industry in Iran

3 min read

Iran has been hit with severe sanctions from the United States. However, the sanctions may have opened a door towards cryptocurrencies leading Iran to endless opportunities.

The Central Bank of Iran is undergoing a formation of a policy framework for the mining of Cryptocurrency since Iran has officially accepted cryptocurrency mining as an industry. This step is a step towards a cryptocurrency centric country where sanctions are leading to economic problems.

The Secretary of Iran’s Supreme Council of Cyberspace spoke to an Irani news agency called IBENA which is strongly linked to the Central Bank of Iran. He confirmed that cryptocurrency had ‘been accepted as an industry in the government and all related organizations.’ Firouzabadi also spoke about the reversal in the April cryptocurrency ban and the launching of Iran’s very own national cryptocurrency similar to Venezuela’s Petro.

Iran is an important member in the Organization of the Petroleum Exporting Countries (OPEC), and so cryptocurrencies are needed in the current situation to propel and compensate for petrodollars.

With the exciting news of cryptocurrency mining being an official industry, reports of Bitcoin reaching an all-time high in Iranian Rial is underway while the Iranian Rial is further dropping against the US Dollar. A tweet by EXIR provided a graph with the appreciation in price on an Irani cryptocurrency exchange.

There is no denying that Bitcoin and other cryptocurrencies have proved to be valuable tools in times of currency devaluing along with rampant inflations.

With news of the cryptocurrency ban being lifted in Iran, Mahesh Jagtap A cryptocurrency enthusiast replied on a tweet about the story with positive thoughts.

https://twitter.com/BeingMaheshDJ/status/1034145876246069248

11 months ago, a Reddit user by the name of ‘msdjaw’ posted about looking for prominent partners in a crypto mining facility with cheap electricity costs in Iran.

“I am looking for partners to start mining with cheap electricity in Iran. If anyone should be interested, please reply with your Skype ID or other messengers’ ID so that we can talk more.”

The post proves, that people may think Iran is hot and thus will need higher electricity for cryptocurrency mining but in fact, the temperature is cold most of the year. Reddit user ‘msdjaw’ mentioned the weather in Iran.

“No way! Why everyone thinks Iran is so hot! That’s wrong. It is frigid cold in winter, cold in autumn, mild in spring, warm in summer. This applies to where I live.”

 

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