• Affiliate Disclosure
  • Amazon Affiliate Disclaimer
  • Contact Us
  • Privacy Policy
CoinsTeacher
  • Live Cryptocurrency Prices
  • Crypto News
  • Bitcoin
  • Business
  • Ethereum
  • Technology
  • Regulation
No Result
View All Result
CoinsTeacher
  • Live Cryptocurrency Prices
  • Crypto News
  • Bitcoin
  • Business
  • Ethereum
  • Technology
  • Regulation
No Result
View All Result
CoinsTeacher
No Result
View All Result
Home Bitcoin

Iranian Government Begins Drafting Plans for National Crypto Mining Strategy

May 23, 2020
in Bitcoin
Reading Time: 2 min
189
SHARES
1.5k
VIEWS
ShareShareShareShareShare

Related articles

XRP/USD Fails to Break Out Above $0.30; Price Down with 6% Loses

January 15, 2021

Market Crashes as BTC/USD Slides to $34,298 Support

January 15, 2021

Iran appears to be moving forward with its crypto mining industry, as President Hassan Rouhani is looking to integrate it into the country’s mainstream economy. According to an English translation from local news source ArzDigital,  the president had asked several ministers to come up with a national strategy for the country’s cryptocurrency mining space.

Stabilizing the Mining Space

As the report explained, President Rouhani has tasked the ministries of energy, communications, and information technology, as well as the Central Bank of Iran, do develop different iterations of a national crypto mining strategy.

The source didn’t reveal much about the strategy, although it will most likely build on an industry that is taking shape. Iran incorporated cryptocurrency mining as an official economic sector last year, and the country’s mining space has made some waves across the world.

According to the Bitcoin Mining Map from the Cambridge University’s Centre for Alternative Finance (CCAF), Iran holds almost 4 percent of the global hashpower. The only countries with more are China, the United States, Russia, Kazakhstan, and Malaysia.

The government has provided effective subsidies to mining outfits, thus attracting more firms – local and foreign. Earlier this year, Iran’s Banking and Economic System Reference Media (IBENA) confirmed in a report that the country’s Ministry of Industries, Mining, and Trade had already issued crypto mining licenses to over 1,000 companies.

It’s been a whirlwind journey so far, and with a national crypto mining strategy, the government will most likely have a clear-cut set of guidelines to govern the space. It will most likely include aspects such as registration and licensing, taxation, operations, and much more.

Bitcoin Demand Rises

The strategy will also help the country improve cryptocurrency accessibility – something that citizens are beginning to clamor for. While Iran’s crypto mining space is taking shape, its traditional financial space isn’t doing so great. Iran already faces sanctions from the United States and has all but become a pariah among the international community members. With the coronavirus pandemic, the country’s economic troubles have compounded.

Earlier this week, the parliament officially sanctioned the redenomination of its fiat currency, the rial. It will complement the move with the issuance of a new currency, the toman. As a local news source reports, the parliament passed the ‘Reforming Monetary and Banking Law’ bill, effectively bringing in the toman – a currency worth about 10,000 rials.

The plan will effectively take four place values from the rial, thus potting the country on a long road to economic recovery. Sadly, this road doesn’t have a lot of success stories. Countries like Zimbabwe and Venezuela have attempted redenomination policies in the past amid skyrocketing inflation levels, and most have failed.

All of this has led to surging demand for Bitcoin. Earlier this month, Bitcoin’s price relative to the rial on peer-to-peer cryptocurrency exchange LocalBitcoins rose by as much as 300 percent.

Credit: Source link

Share76Tweet47SendShare13Pin17
Previous Post

Master of Puppets: Bitcoin Cuts the Strings

Next Post

Russian Lower Parliament Introduces Bill To Ban Cryptocurrency Use

Related Posts

Bitcoin

XRP/USD Fails to Break Out Above $0.30; Price Down with 6% Loses

January 15, 2021
Bitcoin

Market Crashes as BTC/USD Slides to $34,298 Support

January 15, 2021
Bitcoin

Polkadot Momentarily Flips XRP as Bullish Run Continues

January 15, 2021
Bitcoin

Capitol Insurrectionists Were Funded in Part By Bitcoin: Chainalysis

January 15, 2021
Load More
Next Post

Russian Lower Parliament Introduces Bill To Ban Cryptocurrency Use

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest

Stablecoin adoption on eToroX for FX Trading

November 2, 2020

Insurance firm MassMutual buys $100 million worth of bitcoin through NYDIG

December 10, 2020

OCC chief economist pens working paper defending the issuance of charters to fintech, stablecoin firms

December 14, 2020

Anthony Scaramucci outlines his new Bitcoin fund, discloses initial $25 million investment during interview

December 22, 2020

VeChain (VET) Gains Momentum, But Will It Sustain?

Ethereum Devs Propose Hard Fork to Address Impending Ice Age

Poloniex Delists DigiByte (DGB) After the Founder Criticizes TRON

Ethereum Gets Solid Support from Ernst & Young

Firo Activates Latest Privacy Upgrade “Lelantus”

January 16, 2021

Optimism’s Ethereum-based scaling solution has soft launched on mainnet

January 15, 2021

Kraken to halt XRP trading for U.S. users starting Jan. 29

January 15, 2021

XRP/USD Fails to Break Out Above $0.30; Price Down with 6% Loses

January 15, 2021
CoinsTeacher

CoinsTeacher.com is an online news portal that aims to provide the latest crypto news and real-time updates around the world. Feel free to get in touch with us!

Topics to Cover

  • Bitcoin (3,644)
  • Business (355)
  • Crypto News (3,912)
  • Ethereum (435)
  • Regulation (3,140)
  • Technology (219)

Recent Posts

  • Firo Activates Latest Privacy Upgrade “Lelantus”
  • Optimism’s Ethereum-based scaling solution has soft launched on mainnet
  • Kraken to halt XRP trading for U.S. users starting Jan. 29

Newsletter

Loading
  • Affiliate Disclosure
  • Amazon Affiliate Disclaimer
  • Contact Us
  • Privacy Policy

© 2019 CoinsTeacher.com - All rights reserved!

No Result
View All Result
  • Live Cryptocurrency Prices
  • Crypto News
  • Bitcoin
  • Business
  • Ethereum
  • Technology
  • Regulation

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$36,519.00-4.98%
  • ethereumEthereum(ETH)$1,178.81-2.56%
  • tetherTether(USDT)$1.000.01%
  • rippleXRP(XRP)$0.279832-4.22%
  • cardanoCardano(ADA)$0.309581-1.23%
  • litecoinLitecoin(LTC)$143.17-3.98%
  • bitcoin-cashBitcoin Cash(BCH)$484.22-4.56%
  • stellarStellar(XLM)$0.284534-3.93%
  • Binance CoinBinance Coin(BNB)$41.210.01%
  • eosEOS(EOS)$2.760.35%
  • tezosTezos(XTZ)$2.818.15%
  • tronTRON(TRX)$0.029904-0.11%
  • CosmosCosmos(ATOM)$7.973.45%
  • LEO TokenLEO Token(LEO)$1.330.14%