According to a recent announcement by Abdul Nasser Hemmati, governor of the Central Bank of Iran. Some mining firms will be able to keep their operations going if they follow a set a rules. The CBI also mentioned it won’t support any digital currencies whose value is based on gold or the local fiat currency (rial).

This is an important announcement for the licensed mining community in Iran. To recall, in 2018 Iran had officially recognized the bitcoin mining industry, preceding an important growth in the local value of the digital money, at 24 000, while it was still on average at around 6500 on worldwide exchange. This is another step in a direction the crypto-community will enjoy. Taking into account the fact that the country is under an economic blockade from the United Sates, this is probably not the last step the republic will take toward a more digitalized finance.

These economic difficulties are beneficial to the crypto currency, just like Venezuela.


Not everyone concerned

Even though several mining firms have an authorizations. Not everyone is allowed to mine, indeed the country still has a strict ban over the production of crypto-currency. The trouble with the mining was the unlicensed producers, who were taking advantage of local energy and subsidies and were the cause of a controversy within the country around the mining industry.

The need for a source of profit to avoid economic recession is leaning in the favor of Bitcoin and its related industry, a worldwide finance alternative, keeping safe the population’s capital value. Which is now on its way to regulation.

This lenience toward the crypto-currency is an important progress for the crypto currency which is already used for the same reasons in other countries such as Mexico in Latin America, this is maybe the beginning of a larger adoption within the arabic countries and a greater involvement on the international financial and trade scheme.

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