The pressure is rising: Iran wants to legalize Bitcoin Mining | BTC-ECHO
Iranian Bitcoin Miners should be a stone's throw from the heart: For a long time, crypto enthusiasts in the country have benefited from cheap, government-subsidized electricity. Then the authorities began to put a stop to the miners. Now let them breathe again.
In the future, Bitcoin Mining should become a completely legal industry in the Islamic Republic. At least that's the plan of the national economic committee. The Iranian Chamber of Commerce announced on its website that the committee had passed a decision on Sunday, 21 July.
A mechanism for mine of digital coins has been confirmed by the Government Economic Committee and is now under discussion for a later Cabinet meeting,
Central Bank Chairman Abdolnaser Hemmati announces in the announcement. With the coming legalization, the government is responding to the growing number of mining farms in the country.
The communication also said that the Cabinet Advisers also wanted to find a solution to the high electricity consumption of the mining farms. In the process, miners could be subject to export and thus higher electricity prices.
In the past, the responsible energy minister Homayun Haeri had previously made several strong efforts to deny mining farms the cheap, state-subsidized electricity. Most recently, the authorities acted with hard hand against Miner.
Despite the seemingly green light for Bitcoin miners, however, it remains unclear whether the government is also moving with regard to the Bitcoin usage. Currently, owners groan under a hostile attitude of the Iranian central bank. Until recently, representatives of the monetary authority insist that the trade with the crypto-draft horse is illegal.
The central bank hopes to see its own gold-backed crypto-currency PayMon as a digital payment alternative.
Iran & the Failed Nuclear Deal: The pressure is rising
It's not by chance that Iran is blessing Bitcoin Miners right now. Above all, the step could be based on the foreign policy dilemma in which the country is currently located.
Since the US unilaterally terminated the nuclear deal with Iran and the European Union last year, the country's economy is struggling against the foreign sanctions that are due. The domestic currency Rial is therefore in the downward spiral.
The government in Tehran, in turn, has its back to the wall, has been enriching uranium again since July, despite the international protest, and is apparently entering new rhetorical levels of escalation, as has the US. The saber rattling on the Gulf is getting louder almost every day.
In order to secure the economy and thus ultimately the survival of the Persian Gulf, Iran is currently taking increasingly daring steps. Finally, Iranian Revolutionary Guards are to block the Strait of Hormuz in parts. As a result, the price of oil plummeted and the stock markets paralyzed. Experts see in the imminent blockade a hint, which is to refer to the importance of the Iranian stability for the world economy.
After the trade flows with foreign countries and thus the flow of foreign currency into the country of these days almost threaten to ebb, bitcoin mining could contribute at least in the short term to the preservation of the Iranian added value. At least that seems to be the hope of the Iranian government.
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