For years, the country has heavily subsidized its electricity production leading to extremely low prices. It claims that this has now become unsustainable.
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.
The fines will reportedly triple compared to current rates while repeated violations will lead to jail time.1788
If Western sanctions ramp up, CEXs may be forced to ban all Russian users from using their services, as they have previous done in Iran.5982
The world’s largest NFT marketplace has confirmed that it blocks users based on the U.S. sanctions list.10226
Inflation in the eurozone soared to 5.8% in February, well above the European Central Bank’s 2% target, amid a backdrop of escalating sanctions against Russia.2373
While the central bank announced its intention to launch a CBDC, exact details are still scarce.3301
As Venezuela and Iran find themselves caught up in the cryptocurrency revolution, could this have saved the Roman Empire from crumbling into infighting and crippling inflation?3020
The Central Bank of Iran hinted at a possible CBDC pilot soon without elaborating on the time frame of the program.3697
Iran is reportedly looking to unlock opportunities for importers and exporters to use crypto in international deals.11517
Iran previously put a temporary blanket ban on crypto mining amid historically peak periods for power demand in summer.5608
The Blockchain Association is offering to assist with crypto regulations in the Islamic state.3135
The extreme heat of the summer has subsided, so crypto mining has been given the green light, as it can no longer be blamed for stressing the electricity grid.12697
Iranian authorities have conducted many raids on crypto miners in abandoned factories, homes and small businesses — nothing quite as high profile as the country's largest stock exchange.10142
Iran’s Ministry of Industry, Mine and Trade questioned Tavanir’s claims that illegal mining activities consume 2,000 megawatts of power.2373
Authorized Bitcoin miners will be able to resume their operations after the electricity preservation policy during the hot summer months.6467