A difficult-to-enforce ban may actually be part of a larger sanctions-avoidance strategy.
Iran — also known as Persia or, officially, the Islamic Republic of Iran — is a sovereign state in Western Asia. Iran is one of the richest Asian countries, as it is the 18th economy by the volume of national production. In 2017, Bitcoin in Iran was considered as an alternative currency because the government wanted to ban U.S. dollars after the U.S. had imposed a ban on entry for seven Arabic states, including Iran. However, according to Iran’s Bitcoin regulation which were issued in 2017, work with cryptocurrency is prohibited for all financial establishments and exchanges. According to Iran’s central bank, cryptocurrency is used for the financing of terrorism, money laundering and making transactions between the criminals.
A developing strategy to mitigate the crippling effect of economic sanctions could see cryptocurrencies being used by Iranian firms to pay for imports such as raw materials and electronics.11465
A Chinese–Iranian Bitcoin mining facility is set to resume operations after being forced to shut down earlier in the year.6618
BitPay apparently screened merchants but not customers.16179
In a week that saw meme-driven investors rail against Robinhood in what coverage painted as a David and Goliath story, considerations of who exactly policy should defend flared up.57311
Rumors are circulating in Iran that authorities already have access to messages on WhatsApp, one of the few unblocked platforms in the country.13038
A country where Bitcoin once looked primed to flourish is now attempting to scapegoat the cryptocurrency.13791
By embracing crypto mining activities in the region, Pakistan and Iran may give other nations in the Middle East an example to follow.20187
Mining for Bitcoin may be contributing to “thick layers of toxic smog” and blackouts across many Iranian cities.7950
Venezuela President Nicolás Maduro claims the country will “use all the cryptocurrencies in the world” to bypass U.S. sanctions.8707
It seems that the private sector is not satisfied with the country’s local fiat money.4718
China is not the only country that wants control of this highly coveted industry.6119
Iran is rewarding people who turn in crypto miners operating without a license.8463
Iran’s government OKs power plants mining crypto as the country moves forward with a national strategy for cryptocurrency mining.9915
According to Iranian authorities, power plants can mine cryptocurrencies like Bitcoin, but will not be able to take advantage of subsidies.14157