- The Iranian government is issuing 1,000 licenses to crypto miners.
- Iran banking on cryptocurrencies to avoid US sanctions.
The Iranian government is changing its stance towards cryptocurrencies and has recently given licenses to over 1,000 Bitcoin miners in the country to operate. The move comes after the government is exploring new options to circumnavigate the crippling US sanctions placed on its trade and industry.
Iranian regulating body Ministry of Industries, Mining and Trade announced this move according to state-run Iran’s Banking and Economic System Reference Media (IBENA). Since the cryptocurrency mining is an industry of its own and consumes a considerable amount of energy, Iran thought it best to give licenses to this sector through the Industry ministry rather than the banking regulators.
Amir Hossein Saeedi Nai, a local member of a blockchain commission and guild announced that several mining farms have already started operations. Overall, a total of USD 8.5 billion will be added to the sector through this approach, Nai said.
Iran has some of the lowest power tariffs in the world due to its free-falling currency (around $0.07) and miners are looking to take advantage of these prices and easy availability to get decent profitable returns in the country. Iran is also looking to use Bitcoin and other cryptocurrencies to circumnavigate the crippling sanctions imposed on it by the USA. However, it remains to be seen how the USA will respond to this development.
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