Virtual currency law in Iran

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In 2018, Iran recognized cryptocurrency mining as a legal industry in order to monitor and regulate the mining farms that were already operating.[1] In July 2018, President Hassan Rouhani's administration declared its intention of launching a national cryptocurrency, a news agency affiliated with the Central Bank of Iran outlined multiple features of the national cryptocurrency, stating that it would be backed by the Iran's national currency Iranian Rial.[2] The cryptocurrency could allow Iranians to make international transactions amidst trade embargo. As of December 2020 Iranians traded between $16 to $20 million in 12 different cryptocurrencies each day.[3][4][5] Iran's mining amount of bitcoin is close to $1 billion a year.[6]

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References[]

  1. ^ "Iran's muddled relationship with cryptocurrency is self-inflicted". Atlantic Council. 2020-06-18. Archived from the original on 2020-12-27. Retrieved 2020-12-27.
  2. ^ Ratna, Tanvi. "Iran Has a Bitcoin Strategy to Beat Trump". Foreign Policy. Archived from the original on 2020-12-27. Retrieved 2020-12-27.
  3. ^ Erdbrink, Thomas (2019-01-29). "How Bitcoin Could Help Iran Undermine U.S. Sanctions (Published 2019)". The New York Times. ISSN 0362-4331. Archived from the original on 2020-12-27. Retrieved 2020-12-27.
  4. ^ "Iranians Warned To Be Wary As Daily Crypto-Currency Trade Reaches $20 Million". Iran International. 2020-12-04. Archived from the original on 2020-12-27. Retrieved 2020-12-27.
  5. ^ Lerner, Barry (June 2018). "Regulation of Cryptocurrency". www.loc.gov. Archived from the original on 2020-12-27. Retrieved 2020-12-27.
  6. ^ "Iran uses crypto mining to lessen impact of sanctions, study finds". 21 May 2021.


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