Blockchain 

Sanctions-Hit Iran A ‘Heaven’ for Bitcoin Mining, Says Gov’t Official

Iranian authorities are wrestling with the rising number of citizens turning to Bitcoin mining and use as a means of coping with a sanctions-crippled economy. Iran’s minister for information and communications technology, Mohammad Javad Azari Jahromi, told the Associated Press (AP) that the country has become “a heaven for miners,” according to a July 18 report. He noted: “The business of ‘mining’ is not forbidden in law but the government and the Central Bank have ordered the Customs Bureau to ban the import of [mining machines] until new regulations are…

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Blockchain 

US Sanctions on Iran Crypto Mining — Inevitable or Impossible?

If there’s one thing the United States has had a history of, it’s imposing sanctions on its enemies. Venezuela, Cuba, North Korea, Russia and numerous other nations have been subject to restrictions and penalties over the years, with the U.S. harnessing its economic muscle in order to punish pretty much any country that doesn’t play by the international rulebook. One of the most notable of these countries is Iran — which, since the Iran hostage crisis of 1979, has been on the receiving end of a long series of prohibitions, blocks and…

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Blockchain 

Iran Plans to Allow Crypto Mining, Central Bank of Iran Governor Says

Iranian authorities are planning to authorize cryptocurrency mining, as the governor of the Central Bank of Iran (CBI) declared, news agency PressTV reported on July 10. CBI governor Abdol Hemmati reportedly claimed that the Iranian government has approved some parts of an executive law that would authorize mining of cryptocurrencies such as Bitcoin (BTC) in Iran. Hemmati’s claim follows a lengthy back-and-forth on the legal status of cryptocurrencies in Iran. As Hemmati explained, the planned law will require crypto mining in Iran to abide with the price of electricity for…

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Ethereum 

Trading Bitcoin Is Illegal in Iran, Central Bank Official Warns

Buying and selling cryptocurrencies like bitcoin (BTC) is illegal in Iran, a senior government official declared, according to a report by local news agency Tasnim News on July 8. Nasser Hakimi, deputy governor for new technologies at the Central Bank of Iran (CBI), said that bitcoin trading is not legal in the country, citing a related prohibition by a local anti-money laundering (AML) authority, the Supreme Council of Combating and Preventing Money laundering and Financing of Terrorism Crimes. In an interview with Tasnim News, Hakimi warned the public against legal…

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Ethereum 

Iran Bitcoin Miners Set Up Shop in Mosques Amid Gov’t Crackdown

Iranian bitcoin (BTC) miners are moving into mosques as the government launches an energy crackdown, social media users revealed on June 25. Iran, which offers free energy to mosques, now has around 100 miners occupying places of worship, generating much-needed income of around $260,000 a year.  “This money goes a long way in Iran’s choked sanctioned economy,” Oxford University researcher Mahsa Alimardani explained on Twitter.  Despite its increasingly troubled economic situation, Iran remains uncoordinated when it comes to cryptocurrency policy.  Last year, the central bank officially forbade lenders from servicing…

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Blockchain 

Iran Developing National Blockchain Platform on IBM Hyperledger Fabric

The Central Bank of Iran (CBI), via its Informatics and Services Corporation (ISC) and in conjunction with Areatak — a Tehran-based blockchain solutions provider — is developing a national blockchain project for its banking and financial sector. Called the Borna platform, Iran hopes to use the project to revamp its banking ecosystem, creating a digital financial economy that will replace the current legacy system. There are also future plans to open up the platform to local private establishments, creating a unitary monetary and banking system for the country. Given the…

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Bitcoin 

Iran: Still Waiting for the Blockchain Revolution

From Jan. 29 to 30, Tehran hosted the eighth annual conference on Electronic Banking and Payment Systems, which was promoted by the Monetary and Banking Research Institution, the research arm of the Central Bank of Iran (CBI). Among the announced topics under the theme of the “Blockchain Revolution,” it was the unveiling of the Iranian plan for a national digital currency that, as a matter of fact, remained rather vague after it was presented during the conference. In his inaugural speech, Ali Divandari — the director of the Monetary and…

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Blockchain 

Iran Reportedly in Talks With 8 Countries to Use Crypto Transactions

Iran is reportedly negotiating with eight countries to carry out financial transactions in cryptocurrency, local daily newspaper Tehran Times reports on Monday, Jan. 28. According to the article, Iran has already entered negotiations with Switzerland, South Africa, France, the United Kingdom, Russia, Austria, Germany and Bosnia, and the countries have reportedly visited Iran to discuss the matter. It was not immediately clear whether the news concerns the national cryptocurrency that Iran is allegedly set to launch vin the near future. However, the article notes that the talks on crypto transactions…

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Blockchain 

Iran Soon to Unveil Cryptocurrency With Aim to Skirt US and SWIFT: Source

Iran could unveil its state-backed cryptocurrency at the Electronic Banking and Payment Systems conference in Tehran this week, local English-language news outlet Al Jazeera reported on Jan. 27. Iran, which has faced fresh sanctions from the United States since November, had previously planned to use blockchain-based financial tools as a way of sidestepping restrictions on its economic growth. Though a central bank-issued digital currency (CBDC), which could be a rial-backed crypto, it was thought Tehran could forge an alternative to SWIFT, the global settlements system that some Iranian banks cannot…

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Bitcoin 

Iran Declares Telegram Crypto Aspirations an Act Against National Security

The Iranian government has taken further steps against Telegram’s cryptocurrency development, the Tehran Times reports Dec. 31. Secretary of the Criminal Content Definition Task Force Javad Javidnia has declared that any cooperation with the encrypted messaging app to launch its Gram token will be considered an act against national security and a disruption to the national economy. Javidnia stated: “One of the most important factors in banning Telegram was a sense of serious economic threat from its activities, which was unfortunately marginalized and neglected due to the fuss in the…

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