Bitcoin is making another move in the world, and this time its destination is Iran, an oil-rich country suffering from the sanctions of the Trump government. After India lifted the ban on cryptocurrency transactions, Iran’s president called for launching a cryptocurrency mining strategy. With the prospect of an economic recession looming over the world, the growing popularity of bitcoin is indeed good news.
In the past two years, Iran has taken some huge steps in regulating cryptocurrencies and adopting bitcoin into its monetary system. At an official level, Iranian general Saeed Muhammad has suggested using cryptocurrencies to bypass US sanctions; Iran’s central bank has also been cooperating with local blockchain solutions provider Areatak to develop a national blockchain project called Borna.
BREAKING: IRAN LAUNCHES #BITCOIN MINING PROGRAM
— Ivan on Tech (@IvanOnTech) May 22, 2020
By January 2020, Iran had issued 1,000 cryptocurrency mining licenses. According to Amir Hossein Saeedi Nai, a member of the Information and Communications Technology (ICT) Guild Organization’s blockchain commission, a fully functioning mining industry could bring $8.5 billion into the local economy.
Given Iran’s positive attitude towards bitcoin, Bexplus’s marketing director Knash Nikolsson remarked that “ Bitcoin is borderless and immune to inflation. Iran’s adoption of bitcoin will be a significant step in combating hyperinflation as well as promoting bitcoin … Bexplus hopes to support Iranian traders during the pandemic. We welcome Iranian traders with open arms and will provide every user with the most attentive service.”
It is reported that the hourly kilowatt rates for mining firms in Iran could be as low as $0.01 to $0.05. Now, Iranian miners are contributing 4% of the total hash rate in the world.
“Mining, holding and trading of cryptocurrencies, especially BTC and ETH, is widely adopted in Iran. I’m sure in next months we will see more investment by the public, especially the middle class, in cryptocurrencies like BTC.” Said Babak Behboudi, the CEO of blockchain innovation firm Synchronium.
Bitcoin is gaining unprecedented popularity in Iran, and maybe it could replace fiat in some ways. We can expect more capital flowing from Iran to the crypto market in the foreseeable future, thus driving up the price of Bitcoin.
Bexplus: a Go-to Leveraged Trading Platform for Both Beginners and Veterans Now Open to Iranians
Bexplus, a leading crypto derivatives platform, becomes the first to offer leveraged trading service to Iranian traders. With no KYC requirements, traders only need to verify their emails. Bexplus offers services worldwide, in countries such as the U.S., Japan, Iran, Singapore, and Sudan.