Iran also wants to legalize crypto

[aysg76]

Just after El Salvador has made Bitcoin as legal tender in the country and making Bitcoin as reserve assest some other countries are also planning the same.As per the latest reports the next nation to join the list is Iran.They are planning to introduce legal framework for cryptos although the Bitcoin mining activities are suspended there just for four months due to electricity blackout.

Iranian President "Hassan Rouhani" has asked his government to start working on a framework to regulate cryptocurrencies like Bitcoin.He has warned residents also against unprofessional or scam projects and to stay away from them as he addressed the economic board meeting.

How will Bitcoin help them?Here are some of the facts:

The US has imposed CAATSA (Countering America's Adversaries Through Sanctions Act) on the country, preventing American companies from doing business with sanctioned entities. However, the economic sanctions place Iran in a spot since companies allied to the west are bound to avoid it, creating a ripple effect that severely affects Iran's international trade.
The country also stands primarily disconnected from the global banking system as trade via the American dollar is restricted. It's widely known that the dollar is the de facto international currency and exerts maximum purchasing power. With such extreme conditions, Iran has open-heartedly welcomed the cryptocurrency revolution.

With nearly 4.5% hasrate of Bitcoin mining Iran is one of the best place for miners along with cheap electricity and how amazing it is if government also allows usage of Bitcoin and other cryptos giving them legal status.They are solving their economic Conditions as well with Bitcoin which is main motive of most of the countries.

Source : Iran to legalize crypto like Bitcoin

So it's a another boost for btc becoming mainstream and adopted by government around the globe.

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[ILuckyGuyI]

El Salvador succeeded in being the first country to accept Bitcoin as legal tender. And many countries are following it right now (like Latin American countries). And now, Iran is also preparing to join them. It is really good to see for the benefit of Bitcoin adoption.

[electronicash]

like they say its going to have a domino effect. iran must be preparing this regulation when they ban the mining. so when it resumes after 4 months, the government also comes in to mine btc?

this country is rich but had been bombard with sanctions so this must be a revolution against US. middle east countries and latin countries using BTC will really be a good sign.

[Dhoe]

after el salvador legalized bitcoin, now other countries are starting to consider legalizing bitcoin, iran president said ask krypto to have a legal framework, currently iran is looking for a way to introduce a legal framework for crypto, while bitcoin mining still remains under embargo in the country . Let's wait and see who else will follow El Salvador's steps..

[Sterbens]

look at El Salvador when you have dared to speak out loud, then gradually all countries will continue to flock to follow. I believe this is a great start for El Salvador, because then El Salvador is the official pioneer of Bitcoin payments in the world.

apart from the existence of Iran which is often accused of Bitcoin transactions closely with acts of terrorism, I don't think that's a strong reason. when Hassan Rouhani has agreed, there will be no more obstacles because with his power they are ready.
this needs to be used as an example for other countries to continue to consider the adoption of payments with crypto.

[Kittygalore]

Didn't they ban bitcoin? And now they want to legalize it? I knew it that Iran has a hypocritical government, they ban Twitter but their leader has an account. It seems that bitcoin shows a person's true colors.

[aysg76]

Didn't they ban bitcoin? And now they want to legalize it?

They only put a temporary ban on Bitcoin related mining activities not on Bitcoin usage as a whole.And the ban was also of four months as i have stated it early also which will end in September this year and mining farms can activate at that time only the regulated ones.The mining which is not under Iran supervision might be Still carrying on with mining operations.

[tranthidung]

like they say its going to have a domino effect. iran must be preparing this regulation when they ban the mining. so when it resumes after 4 months, the government also comes in to mine btc?

Personally, I see no domino effect for nations. Each nation has different situations and issues to solve. Accept or reject Bitcoin/ cryptocurrency is or isn't their priority.

No one can prevent governments to mine Bitcoin if they can find supplies and buy ASICs.

With uncertainty of politics, I can not trust on any governments and their polices. They can change their policies or at least change their public announcements after one night. Mining Bitcoin is not bad idea for nations that are suffered serious sanctions such as Iran, North Korea. They have nuclear power and what they are lack of is only ASICs. Setting up mining farms and power supplies are not matter with them.

[Kelvinid]

Didn't they ban bitcoin? And now they want to legalize it? I knew it that Iran has a hypocritical government, they ban Twitter but their leader has an account. It seems that bitcoin shows a person's true colors.

I just remember a while ago that Iran bans Bitcoin mining but it doesn't mean that they are totally banned for it, just a temporary band. Maybe they just lifted the ban and might the news if right.

https://www.theverge.com/2021/5/26/22455264/iran-cryptocurrency-mining-ban-annual-summer-bitcoin-spies

Though I was not a citizen in this country I was happy to hear this news and it was a step for a greater market response, I assume that their people are also happy with this.

[pinoycash]

El Salvador succeeded in being the first country to accept Bitcoin as legal tender. And many countries are following it right now (like Latin American countries). And now, Iran is also preparing to join them. It is really good to see for the benefit of Bitcoin adoption.

Its one big step towards massive adoptions, Since iran does not belong to any monetary club in the world like worldbank and IMF, So they can use it as a legal tender without suffering from any financial blockage from those agency although there are already an active embargo on iran from US.

[pinggoki]

Good to know that another country is trying to legalize cryptocurrency. This is probably a piece of positive news for us now especially that a certain country wants legalization of cryptocurrency as they may see the positivity on the side of crypto although the market today is kind of down still some countries still manage to adopt the situation. Just like what many says it is one big step to reach our dream on a massive adoption.

[Jawhead999]

It's will be pretty hard for Iran to legalize Bitcoin, unlike El Salvador it's a small countries, the most homicide rate and never ban Bitcoin. I'm not saying Bitcoin is only for criminal usage, but often many article talking about Bitcoin is use for criminal... Which is El Salvador government wouldn't mind about the criminal rate because their countries already has the most criminal rate before adopting Bitcoin as legal tender.

On 2018 Iran banks banning Bitcoin usage and 1 month ago Iran is banning Bitcoin mining, if Iran will accept Bitcoin as legal tender... There's really a huge change of Bitcoin environment, because it makes a countries which banning Bitcoin (even though not full ban) and after unban, they legalize as legal tender.

[ven7net]

This is very important news for the entire crypto community. After El Salvador's adoption of Bitcoin as the main currency, other countries that are highly dependent on the US dollar will also switch to crypto. Irina is another country that suffers from a number of sanctions and restrictions; BTC and other cryptocurrencies may well be suitable for Iran to solve its problems. This will allow you to bypass sanctions and trade with other countries bypassing the US dollar. As we can see, the trend for the adoption of crypto in the world is gaining momentum and very soon all this will lead to a new even greater growth in the price of BTC and other cryptocurrencies.

[Oneandpure]

Very good news after El Savador last day announce about bitcoin become legal currency transaction payment and now Iran allow what have El Savador did to make bitcoin become legal transaction, get bad relationship between United State and Iran become why the want to make bitcoin as legal currency transaction to get against with USDT.

[Questat]

It is a good decision as I think. And I'll give them support as they are wanting for their people to have peace of mind and an opportunity for their people to make money out of this. We have one goal and that to legalize Bitcoin and consider this as another form of currency.
Anyway,
I just hope that this is not just a rumor only but this gonna be in reality. Yes, it can't be done in one day but I was looking forward to seeing this becoming true.

[dkbit98]

Now they want to make Bitcoin ''legal'' and just few weeks ago they banned all mining during summertime, and they made some ridiculous rules that only Bitcoin mined in Iran can be used, that would mean that all BTC mined in other countries would be illegal for them.
We are maybe slowly entering the zone of countries making wars and threats because of Bitcoin and regulations around it, the same way it was done with gold, oil and other assets in history.

[sapnu]

This is another big news follow the El Salvador's legalization of crypto within their nation and offering free citizenship for crypto enthusiasts. Lately, crypto mining was banned in Iran but now they are planning to allow crypto to be operated within their territory, it might be a huge upside down turn of event but maybe there's a reason behind it. There are a lot of people who use crypto in Iran that will definitely benefit from this, also it may encourage more people to start investing in crypto as it gets legalized in there.

[BrewMaster]

it seems like countries with less corrupt banking systems are adopting bitcoin a lot faster than the developed countries that have such corrupt banking systems that keep slowing down bitcoin adoption in their countries. the sanctions are the catalyst to speed up that adoption.

[Candied Haws]

I hope China do like this.

[serjent05]

Didn't they ban bitcoin? And now they want to legalize it? I knew it that Iran has a hypocritical government, they ban Twitter but their leader has an account. It seems that bitcoin shows a person's true colors.

Probably they have seen the advantage of adopting Bitcoin to their economy.  The much positive impact probably is one of the reasons why Iran is turning 180 degrees from a Bitcoin hater to a Bitcoin-friendly country.  This is one of the good news that the market is badly needed.  After lots of FUD in the past days, this news is a breather.