Iranian Government Accepts Crypto-Mining as Legitimate Industry & Considers National Cryptocurrency

According to local Iranian new service IBENA, in the wake of economic sanctions recently imposed on the nation, the government has recognized cryptocurrency mining as legitimate and is seeking to launch its own national cryptocurrency.

The report notes Abolhassan Firouzabadi, the Secretary of Iran’s Supreme Council of Cyberspace, “stressed that cryptocurrencies mining like bitcoin has been accepted as an industry in the government and all related organizations…but the final policy for legislating it hasn’t been declared yet.”

The Secretary added that “the national cryptocurrency is promising and can be used as a financial transaction instrument with Iran’s trade partners and friend countries amid economic pressures through U.S. sanctions.”

Chief Editor of Hacked, Sam Bourgi, details the impact of recent U.S. sanctions enacted by President Donald Trump, noting that “over 100 companies have closed their Iranian operations” and that “Iran’s crude [oil] production fell 6.4% last month to 3.5 million barrels per day, the biggest drop among OPEC producers.” The Iranian fiat currency, the rial, has been in freefall since.

Because of the economic impact, this move is seen as a way for the Iranian government to circumvent the sanctions. Since the announcement, the price of bitcoin per rial has seen record highs for the price of the world’s most popular cryptocurrency. The same hacked article found a recorded bitcoin trading high of $24,000 with 1BTC selling for 1,020,000,000 IRR.