Iran Changes Law to Use Bitcoin For Imports

[davis196]

This might be fake news,but if this is true,I'm not an optimist for the future of crypto.
If Iran tries to use a cryptocurrency to avoid the US sanctions,the US will most likely ban that cryptocurrency.The US government doesn't care about the crypto industry and will not hesitate to conduct such ban,only for the sake of damaging the economy of Iran.
On the other hand,if Biden wins the elections,he might try to continue Obama's policy and improve the relationships between the two countries.

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[Teresa_FX1]

North Korea has been in crypto-business for a long time already full speed. It's just not in the media news.

I am not a fan of the Iranian government (or of any other government). Despite that, this is very significant news.

Bitcoin simply found its way into another inefficient market, with the inefficiency caused by U.S. sanctions, to make it more efficient, and more workable. Like the dark markets.

North Korea next.

This may sound stupid though I believe this news might spark serious geopolitical consequences. Iran and N. Korea embracing bitcoin for good might make uncle Sam definitely crazy. I am only concerned about any possible retaliation, but this is a clear win for bitcoin.

[Serious475]

I am happy iran has import bitcoin by law.it is must to increase their revenue to see the situation now.because iran government is face banning trade on international leval.so l think it'll be become profitable for country.

Now that Iran legalized and adopted bitcoin on their country and makes it an import way then it will surely help Iran to improve especially on the part of financial aspect. If all other countries manage to do something like this, it will be a good thing because the mass adoption will surely occur earlier than what we are expecting. I hope that the government of other countries accept this so that they may also get a lot of benefits with it for both government and their people.

[Wind_FURY]

I am not a fan of the Iranian government (or of any other government). Despite that, this is very significant news.

Bitcoin simply found its way into another inefficient market, with the inefficiency caused by U.S. sanctions, to make it more efficient, and more workable. Like the dark markets.

North Korea next.

This may sound stupid though I believe this news might spark serious geopolitical consequences.

It's not stupid. Satoshi knew that that possibilty might come that's why he went to great lengths to hide his real identity. He knew he could be murdered for inventing Bitcoin.

Iran and N. Korea embracing bitcoin for good might make uncle Sam definitely crazy. I am only concerned about any possible retaliation, but this is a clear win for bitcoin.

https://twitter.com/bitcoinmagazine/status/1197161029832265729

[Wind_FURY]

It doesn't mean bitcoin is legal and open for general public in Iran. It's just good for business connected with government authorities.

It doesn't have to be. Bitcoin is censorship-resistant.

Plus obviously Iran is only trying to use Bitcoin to go around U.S sanctions. Iranians can use it for the same purpose too. To go around Iranian laws.

[Twinkledoe]

It doesn't mean bitcoin is legal and open for general public in Iran. It's just good for business connected with government authorities.

It doesn't have to be. Bitcoin is censorship-resistant.

Plus obviously Iran is only trying to use Bitcoin to go around U.S sanctions. Iranians can use it for the same purpose too. To go around Iranian laws.

Yeah, that is very correct. When Iranians learn how to use crypto, they know what they will do to go around their laws.  At least, their government will learn the benefits of bitcoin or crypto, and then with that knowledge, they may be more accepting when it comes to laws and regulations towards crypto. This is will actually contribute to the adoption of crypto in their country.

[Smartprofit]

Satoshi Nakamoto created Bitcoin for humans.

However, people have not learned how to use Bitcoin to buy goods, works and services. Bitcoin is more used for financial speculation. This is not what Satoshi Nakamoto wanted to see.

In the future, the main holders of Bitcoin will not be individual individuals, but states and large corporations.

Bitcoin is convenient for more than just getting around sanctions.  Bitcoin can be used as reserves for central banks.  It's more functional than storing gold.

Iran is the first state to take an interest in Bitcoin.  Other countries will follow his example.

[bittraffic]

This is sneaky and good for Bitcoin and cryptocurrency.  Would this mean that importers will have to buy BTC in order to get oil from them?

I wouldn't expect other countries to follow IRAN but there will be developments with blockchain. I think most countries will still follow what China had done. Australia is starting to look into CBDC using ETH network.

[lifeforcepools]

For Iran, this is a very important step as I believe it can provide some financial independence for the citizens of Iran.

[Wind_FURY]

This is sneaky and good for Bitcoin and cryptocurrency.  Would this mean that importers will have to buy BTC in order to get oil from them?
 

OR sanctioned-Iran could use their oil and natural gas to generate electricity to use to mine Bitcoin, and maybe other POW cryptocurrencies. That could be another go around of U.S. Sanctions.

[asus09]

Iran Changes Law to Use Bitcoin For Imports
https://www.trustnodes.com/2020/10/29/iran-changes-law-to-use-bitcoin-for-imports

"Iran has become the first country in the world to use cryptocurrencies at a state level for value exchange.

The Iranian Cabinet has amended legislation to redirect cryptos into the Central Bank of Iran’s funding mechanisms for imports, according to a Saturday report by the official IRNA news agency.

“The miners are supposed to supply the original cryptocurrency directly and within the authorized limit to the channels introduced by the CBI,” said the report by CBI and the Ministry of Energy.
..
"

The USA is stepping on its own rake.
Thanks to their policy, many countries will soon switch to mutual settlements through bitcoins

Iran is trying a good breakthrough if it allows using bitcoin and altcoin as a legal transaction tool, I think it makes transactions easier if you use bitcoin or altcoin as a means of exchange. This actually makes it easier for investors to make transactions because the sending process using bitcoin is much more effective than using fiat. So far, many export and import transactions using the dollar currency do not actually benefit from one another between investors and consumers. If Iran has the courage to apply bitcoin and altcoin as a legal transaction tool, other countries must also use bitcoin to make transactions more efficient.

[Carlton Banks]

Would this mean that importers will have to buy BTC in order to get oil from them?

there's no reason why Iran needs to import so much, they've been forced to revert to a ~99% internal economy anyway (i.e. a "war economy"). That means they can simply produce as much BTC as they need for minimal imports, and not sell _any_ oil or gas (the market prices of which are being pushed down right now due to the Saudis dumping oil in the marketplace).

Strategically, holding oil/gas while prices are low and producing BTC while prices are high (and in a bull market) makes alot of sense

[Wind_FURY]

Would this mean that importers will have to buy BTC in order to get oil from them?

there's no reason why Iran needs to import so much, they've been forced to revert to a ~99% internal economy anyway (i.e. a "war economy"). That means they can simply produce as much BTC as they need for minimal imports, and not sell _any_ oil or gas (the market prices of which are being pushed down right now due to the Saudis dumping oil in the marketplace).

Strategically, holding oil/gas while prices are low and producing BTC while prices are high (and in a bull market) makes alot of sense

Through the genius of HashCash/POW as implemented by Satoshi, Iran can use their oil and natural gas, assets that are dropping in value, to generate the electricity required to "convert" into an "asset" that's rising in value, Bitcoin.

[plast555]

This might be fake news,but if this is true,I'm not an optimist for the future of crypto.
If Iran tries to use a cryptocurrency to avoid the US sanctions,the US will most likely ban that cryptocurrency.The US government doesn't care about the crypto industry and will not hesitate to conduct such ban,only for the sake of damaging the economy of Iran.
On the other hand,if Biden wins the elections,he might try to continue Obama's policy and improve the relationships between the two countries.

I don't think United stated will take such a huge move and Ban Bitcoin for this. and I don't think US govt has such ability to ban Bitcoin. Bitcoin cannot be controlled by govt. and if they ban it in their country that doesn't effect Bitcoin at all. but millions of Bitcoin users from US will be effected for sure. and I don't think those people will accept this and let the govt put ban on bitcoin. Iran's using Bitcoin will move iran to another level. their credibilty will surely increase maybe opportunities for new blockchain startups to start from Iran will open and iran will see a rise of bitcoin funding and investment.