The tension between Iran and the US rose since president Donald Trump quit the Iran nuclear deal. Iranian rial rapidly collapsed from 57,500/$1 to 85,000. Due to the threat of bigger sanctions, residents began to transfer their savings to crypto assets in order to take money out of the country or simply save them, and from now this tendency will only spread. Iranians have already spent $2.5 bln on crypto.
Iran is going to issue its own cryptocurrency as way to sidestep new sanctions enacted by U.S. President Donald Trump.
Preparing the Grounds to Adopt Blockchain Technology
The U.S. announced its withdrawal from a 2015 atomic agreement with Iran in May reactivating economic sanctions that will forbid Iran's access to U.S. dollars next month.
The plan to build up an "indigenous" digital money is on the agenda of the government’s Science and Technology Department, as indicated by Iran's official news outlet PressTV. "We are trying to prepare the grounds to use a domestic digital currency in the country," Alireza Daliri, the department’s representative head in charge of investments, was cited as saying in the report. read more
Iran has recognized crypto mining as a legal activity, making steps toward issuing its own cryptocurrency; the news prompted a rapid rise in Bitcoin’s price on local exchanges.
Cryptocurrency Mining Is a Lawful Activity
As indicated by a local media outlet IBENA associated to the Central Bank of Iran, Abolhassan Firouzabadi, the Secretary of Iran's Supreme Council of Cyberspace said that digital money mining "has been accepted as an industry in the government."
Even though a final policy legislating for mining hasn’t been presented yet, the Ministry of Communications and Information Technology (ICT), the Central Bank and the Ministry of Economic Affairs and Finance has come to consensus.