Bitcoin / Breaking News / Mining

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. This brings the value of Bitcoin above the previous all-time record of $20,000 in Iran. The Central Bank of Iran is ready to set draft a framework of policies for the cryptocurrency mining industry. Iran’s Supreme Council of Cyberspace’s Secretary, Abolhassan Firouzabadi has said that the policy is aimed to be drafted in the next 18 days. Firouzabadi has also said in a statement to IBENA that launching a digital currency on a national scale looks promising. Firouzabadi also said that it showed promise in the sense of it being used as a financial transaction with Iran’s trade partners and allied countries. This can be put down to increasing economic pressures through United States sanctions. Firouzabadi added that digital currency mining has become an accepted industry by many government authorities and related bodies. This includes bodies such as the Ministry of Communications and Information Technology, Ministry of Industry, Mining and Trade, Central Bank, the Ministry of Economic Affairs and Finance and Ministry of Energy. With the Iranian Rial declining in strength against the authority of the US Dollar, this is a point of contention for many. With Donald Trump’s economic sanctions pushing markets in Europe to withdraw from Iran too. When the aforementioned sanctions were cleared by the US President last month, in August, many businesses were forced to choose between United States and Iran as target matters. This shows another country which has turned to Bitcoin when in times of need with economic uncertainty and political instability.