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As economic sanctions start to bite, Iran is now looking to cryptocurrencies to ease the damage. The world’s third-largest oil-producer seeks to follow in the footsteps of Venezuela, which has issued an oil-backed digital currency called the Petro. But can Iran succeed where Venezuela is ostensibly faltering?

Iran to Start Mining Cryptocurrencies in Three Weeks

Iran has agreed to officially recognize the mining of cryptocurrencies as an industry and the Central Bank of Iran, which oversees foreign exchange and monetary policy, will draft a policy framework for the industry in the next 18 days.

The Secretary of Iran’s Supreme Council of Cyberspace, Abolhassan Firouzabadi, told IBENA – a specialized news agency in banking and economy which is affiliated to the Central Bank of Iran – that deepening the use of cryptocurrencies is envisaged to smoothen trade between Tehran and its partners, especially in the wake of renewed US sanctions.

According to IBENA, Firouzabadi stressed that mining of cryptocurrencies like bitcoin had “been accepted as an industry in the government and all related organisations..” These include the government’s Ministry of Communications and Information Technology, Central Bank, Ministry of Industry, Mining and Trade, Ministry of Energy, as well and Ministry of Economic Affairs and Finance.

“But the final policy for legislating it (crypto mining) hasn’t been declared yet,” said IBENA.

Continue reading >> https://news.bitcoin.com/iran-officially-recognizes-cryptocurrency-mining/

What I hope is the case here is that they are actually legalising and recognising bitcoin mining, but not just trying to push their own little national cryptocurrency like Venezuela is doing. If it's the latter, then there is really nothing to see here.

Perhaps this is because of their sanctions and mining would be a way against the sanctions imposed on them, as a source of revenue. But who knows what their true intentions are at this point.

All I know is that every country can get something out of legalising and regulating bitcoin in a sensible manner, whether attracting more foreign investment or boosting tax revenues. An attitude of constantly antagonising bitcoin is only harmful for the state itself, and even Iran is recognising this.

This had to come sooner than later. It's hard not to feel for any government constantly being bullied by sanctions, whatever the reasons and justifications. People and societies need to live, need to grow, backed by economies given a chance. The government must surely have realised their mistakes with the past stance on Bitcoin. So while this move doesn't exactly change anything for the citizens, it at least opens up some opportunity for state support, not necessarily with mining, but with adoption.

If nothing at all, nodes opening up in Iran would diversify the Bitcoin node distribution. That can't be bad.

it's interesting when you consider that newly mined coins carry a premium---no taint. and they're a hell of a lot easier to transport than barrels of oil or fiat money. no banking or third party custody required.


it would be interesting to see state-backed mining emerge in Iran. is that possible? i imagine that would be some fuel for the anti-crypto crowd in washington. ::)

Good news on hearing a country like Iran being in favor of cryptocurrencies but the policy framework they will be drafting might be tricky and they should maybe copy what other countries have done. Because if they accept cryptpcurrency mining they also technically accept cryptocurrency trading as all the cryptos mined goes up/down and all of it should also be taxed accordingly. This would be a great problem if they don't have the proper way on monitoring the price movements of their earnings, they could easily cheat the system if that happens.

As a person who has studied several religions, I can assure you this, You will keep hearing these 'Good news' repeatedly from Muslim Majority countries Because these CryptoCurrencies are 'Sharia' compliant or in other words are not based around 'Interest'. The issue today with 'Muslims' is that they have failed to realize that 'Banking' is totally based around 'Interest' which isn't Legal or "Halal" for them. I always have an interesting talk with my 'Muslim' friends when I tell them about how they have been fooled for a good century or so. Most of them don't believe at first but when they see the evidence by going through some YouTube videos I have collected, they are mostly stunned. But then again they come up with a 'logic' that even if they move to cryptos altogether, They can't use them as their daily driver, which is a valid point. Large-scale Crypto Adoption by 'Muslims' is a couple of 'Fatwas' away IMO and this is only the beginning.

The only thing which surprises me is why is it taking so long for these 'Fatwas' to role in. Bitcoin has been around for almost a decade now. what I suspect is 'Bankers' are paying these top scholars to keep their mouth shut for as long as they can. I can't think of a reason other than this.

Even if they would got to be aware about the Banking system which would really contradict with their beliefs they wont really have any options to move out yet they cant still able to find a thing
to be used as a daily driver.No surprise that each government do really have that kind of motive on shutting up some mouths and deceiving would always been their specialty.
I was even shocked about Bitcoin price shoots upto 24k usd when they do start to legitimize crypto which you can really see such interest.

Now that's why @digaran is willing to start mining ETH but beware it isn't fully legalised yet  ;)