Iran bans Bitcoin too

[ILuckyGuyI]

After China's actions, some other countries also started to impose a ban on Bitcoin. But I don't think that Iran can have an important affect on the market by this action. It could be another FUD.

[butcher_spam]

AFAIK Iran bans Bitcoin mining not bans Bitcoin itself, so people in Iran can still buy and use Bitcoin, they only can't mine again until September 22.

Iran is among top 10 mining countries, but it's only 4,5% from the world. I think it's only have less affect to the market or probably nothing.

CMIIW.

Iran, although it does not have much significance in the crypto segment, it still reserved the right to negative news. And they are most likely not doing it for fun, they have been at war for many years, and I think that the government sees some connection in cryptocurrencies.

[pixie85]

I believe FUD

Seriously, stop with the FUD nonsense.
Every time something bad happens everyone screams FUD even without checking what the news is about. Price goes down, it's FUD, it doesn't matter if they are really down for radical deniers even those charts, even the current price, even the high tx fees, everything is FUD.

People are repeating FUD even in this thread.

OP said that Iran banned Bitcoin right after China, but China did not ban bitcoin this month. It only reminded that the ban is in place. China banned bitcoin years ago by not allowing banks to work with cryptocurrency companies and stopping people from exchanging their fiat currency to bitcoin.

People act like it's a new thing that suddenly bitcoin is banned in China. Like it's such a big news that nobody could predict.
Last time I checked they only warned that coal mining will be banned in future, but people are saying that china is banning mining and panicking. This is what FUD is all about.

[verita1]

When it comes to governments, I might think that Iran's most recent ban is due to protect its investors or maybe it is because the elites, and some governments want to participate with bitcoin, and since bitcoin already had a high price. They have wanted get it down with these FUDs to get into the game.
This Cointelegraph post has cleared up some doubts on that topic for me.

The reporte also notes that this dynamic "has become all but an official policy. "In late April Iran passed laws that will enable banking entities to purchase imports with cryptocurrencies, and then in May the government appeared to try and strengthen its grip on crypto with a law banning the use of foreign-mined BTC for imports.

https://cointelegraph.com/news/report-iran-may-reap-upwards-of-1-billion-in-annual-bitcoin-mining-revenues/amp

[lalabotax]

Here may be the exact news about banning Bitcoin mining, not Bitcoin itself.
https://www.bbc.com/news/world-middle-east-57260829

The ban is caused by the energy consumption by mining cryptocurrency. This ban will run around 4 months later.
So, it seems that it is not a permanent ban. Maybe they will evaluate again whether the blackouts end or not after this banning.

[a.a]

There are currently 14 big bitcoin mining "factories" in Iran, managed by Chinese. They consume together 450 MW.

https://www.computerbase.de/2021-02/bitcoin-ethereum-china-miner-iran/

At the beginning of the year, the idiots from the energy ministry of Iran even called it "BitCorn".

With the Corona Virus lockdown, currently the streetlights are also off in the night-time. It is simply dangerous to walk nights.

Currently every day Tehran has about 3 h blackout. The economical issues are bigger than any mining profit.

Imagine how many simple people get fucked by this, as their refridgerated food gets destroyed. In a country, where you have a minimum income of 3 Mio. Toman per month, while even the iranian parliament estimates that the poverty-line is about 10 Mio. Toman per month.

Also... in few weeks are presidential elections. So people have to be appeased... Thats perhaps why the ban is also limited till 22nd september...

[Viscore]

Here may be the exact news about banning Bitcoin mining, not Bitcoin itself.
https://www.bbc.com/news/world-middle-east-57260829

The ban is caused by the energy consumption by mining cryptocurrency. This ban will run around 4 months later.
So, it seems that it is not a permanent ban. Maybe they will evaluate again whether the blackouts end or not after this banning.

Since this is just a temporary ban for bitcoin mining and not bitcoin itself, i think this won't affect the market that much. Unlike China that bitcoin as a currency is what they are banning so it probably leave a huge impact on the crypto market.

But as we all know, bitcoin may create a huge decline of price but it will always find its way to recover. We have witnessed its past struggles and it even made bitcoin gained more support from the community.

[adzino]

Iran bans Bitcoin a few days after China did. This is coming after what seemed like an aftereffect of the Chinese action that saw Bitcoin dip severely (it still hasn't recovered from it).

I'm wondering if there are going to be any side effects or consequences for the Bitcoin community with the action taken by the Iranian government or is it just another case of "the snail shouldn't talk where animals with horns are asked for opinions"? Iran isn't such a big name in the crypto space, by the way.

According to report, the ban is a temporary one which will last only four months to enable the country correct its power blackout.

Do you think this ban from Iran is another FUD?

I doubt it's going to affect the market much. Even if it does, its going to be temporary. And like others said, they didn't ban bitcoin, they just banned mining to recover from power shortage which makes enough sense. It's even a temporary ban. So nothing big. No FUDs are being spread. But a thread title like yours spreads FUD. Change it to "Iran temporarily bans bitcoin mining", and you are good to go.

[just_Alice]

Iran has long had (since 2018) a banking ban for Bitcoin, which prohibited any financial institutions to get involved with crypto. So I figure they never were much of fans. Basically, all they needed is a little push, a sign after which they would enforce a full ban.
And taking into account close economic relations between Iran and China (supported by the fact, that China put in billions of dollars to help Iran develop the oil industry) we can assume that there had been some kind of inside agreement between these countries, that made Iran follow the lead.

[Nhazwrath]

If I remember correctly a few months ago Iran confiscated all Bitcoin mining machines they could lay their hands on.   And then turn around and started mining for themselves and now have declared Bitcoin mining illegal for everybody but The Government.  And the reason for this is it gets around some of the sanctions applied to them


/Tinfoil off

[husnija]

i don't see any significant effect from this news, In fact, for almost three days the market condition has continued to improve and is stable. maybe there the influence isn't too big so we don't need to worry about it

[cabron]

Elon Musk and the newly created North American Bitcoin Mining Union disagree with you.  
https://www.businesstoday.in/current/corporate/bitcoin-price-recovers-to-38403-after-elon-musk-meeting-with-miners/story/439914.html

If their was no bitcoin PoW energy waste issue, their would have been no meeting.

Elon Musk and MicroStrategy chief executive Michael Saylor, held a meeting with Bitcoin miners in North America to appreciate their efforts
towards making operations greener.

This will just be for North America. They are not the authority when it comes to mining, they may be able to persuade governments to ban BTC mining and provide licenses to miners but there will be more miners hiding instead, the motivation to earn BTC is just going to be alluring.

If I remember correctly a few months ago Iran confiscated all Bitcoin mining machines they could lay their hands on.   And then turn around and started mining for themselves and now have declared Bitcoin mining illegal for everybody but The Government.  And the reason for this is it gets around some of the sanctions applied to them

/Tinfoil off

They've been sanctioned many times in the past and if BTC could get them around, it makes sense, it's good which means they really are going to adopt BTC.

[cryptoaddictchie]

i don't see any significant effect from this news, In fact, for almost three days the market condition has continued to improve and is stable. maybe there the influence isn't too big so we don't need to worry about it

Iran only preserving what they knew can benefit them. They not totally against crypto, as you can read on the article its about the bitcoin mining, they wanted it to stop for a while and they even set the date for it. I'm not sure about it being a fud. Clearly they are still into crypto, it's not like China that have hidden agenda over the market.

[anotherdayyyy]

Iran contributed its shortage in electricity to the mining of Bitcoin then banned it to make for more electricity allocated in the solution of drought and civil comsumption. it's not Bitcoin to blame but Iran's impotency in electricity supply. in terms of its effect, I believe it will surly affect Bitcoin to some extent, but not as severely as China has done since Iran is not so big or influenncial as China...comparatively smaller one. Besides, China together with Iran will ban Bitcoin mining for a short run temporarily. if you are doing long-term investment, there's no need to worry about this. prohibition will retreat someday and it won't be too long. The two countries are just adjustment its policy to suit Bitcoin trend for a more lucrative future of Bitcoin

[Tristan Bieber]

I don’t think Iran’s ban will have much impact on the cryptocurrency market. After all, its population base is small, and the number of people involved in cryptocurrency transactions is also very small, so we don’t have to worry or panic. From various data From the above, Bitcoin has a trend of recovery, and a short-term decline will not affect the future upward trend.

[jinneas]

The mining industry has brought huge income to Iran, but due to the surge in electricity consumption for cryptocurrency mining in the country and the country’s current reduction in hydroelectric power generation, Iran is facing a shortage of electricity.
Iran’s four-month ban is to improve the current power shortage. It is just a countermeasure, but the impact will not be significant.

[AniviaBtc]

It is no doubt when a middle-east country bans bitcoin because they are really against on something that is uncertain and they only settled on oil.

When a country is not that interested in a modern technology adoption then we have nothing to do with that.

Bitcoin will never become open or legal in most of the countries in middle-east and we should just focus on those governments who are open-minded towards it.

[In the silence]

Iran Banning Bitcoin rise the value of bitcoin to $40,000? These news are getting ignored by the hodlers, Im sure whoever push that up is very eager to buy bitcoin at low prices more.

[Ozero]

AFAIK Iran bans Bitcoin mining not bans Bitcoin itself, so people in Iran can still buy and use Bitcoin, they only can't mine again until September 22.

Iran is among top 10 mining countries, but it's only 4,5% from the world. I think it's only have less affect to the market or probably nothing.

CMIIW.

Well, banning Bitcoin mining in Iran until September 22nd isn't all bad news for cryptocurrency. The cryptocurrency will continue to circulate in this country without restrictions, and this is the main thing. It seems that after Elon Musk's statements about high energy consumption for bitcoin mining, many countries will begin to reconsider their attitude towards bitcoin mining, and above all bitcoin. However, this is unlikely to seriously affect the circulation of bitcoin.

[Prettyjing34]

Due to power outages in Iran, President Hassan Rouhani has banned all cryptocurrency mining in the next four months. Some people speculate that it is because energy-intensive industries have caused power outages across the country, triggering a nationwide power outage. The public everywhere is dissatisfied.