• About Us
  • Privacy Policy
  • Contact Us
Subscribe
Lascena
Advertisement
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
Lascena
No Result
View All Result

This country will now buy state-mined Bitcoin to fund imports

December 1, 2020
in Regulation
Reading Time: 4min read
This country will now buy state-mined Bitcoin to fund imports


The Irani government will now allow imports to be paid for using Bitcoin, as per a recent report in local publication ISNA. The move is the first-of-its-kind and marks an important milestone in Bitcoin’s history.

Iran has moderately friendly towards the Bitcoin market thus far. Earlier this year, the state allowed for the legal setup of Bitcoin miners in the country and provisioned the use of excess power produced by power plants to be used up to mine the cryptocurrency. However, the country prohibited trading at the same time.

Iran’s Bitcoin bet

Per the report, the country’s Ministry of Energy and Central Bank of Iran (CBI) will now buy all Bitcoin mined by the country’s registered miners — essentially becoming an active buyer of the currency.

They also cannot use any third-party services to sell their Bitcoin. “Extractors must also provide the first-hand currency code generated to the authorized limit and directly (without intermediaries) to the channels introduced by the Central Bank,” the report said.

Irani power plants will now sell Bitcoin to the government
Irani power plants will now sell Bitcoin to the government. Image: NPR

It will then use the accumulated Bitcoin to fund all imports, i.e. pay for the goods purchased by the country. No information on whether the plan will be expanded to include exports exists at press time.

The move is likely a response to the extensive sanctions imposed on Iran by the US, and comes a week after the latter targeted 18 Irani banks to further cripple Iran’s financial economy.

Iran banks face US sanctions
Iran banks face US sanctions. Image: Al-Monitor

That was itself an extension of the sanctions imposed by the Trump administration since 2018, targeting Iran’s nuclear, oil, energy, and export programs. These have together led to the country been politically and economically isolated from a majority of Western powers, although China continues to do some business with the region.

Bitcoin comes to Iran’s sanction woes

Bitcoin’s emerged as a savior to Iran’s woes. It’s decentralized and lawless nature means Iran can finally use a widely-accepted and liquid asset to pay its way around essential imports while maintaining some anonymity around the transactions.

Although that, in turn, brings with it a whole new set of problems — who accepts Iran’s Bitcoin? What rates will they be purchased/sold at? Who custodies the Bitcoin? And finally: What if the US imposes sanctions on the countries conducting business using Bitcoin?

The questions are many. But Iran might have an answer.

Like what you see? Subscribe for daily updates.



Source link

Facebook0
Twitter0
Linkedin0
Print0
E-mail0
Yahoo Mail0
GMail0
SMS0
Messenger0
Tags: BitcoinbuycountryFundimportsstatemined
Next Post
Blockchain Is Laying the Bedrock for Digital Money

Blockchain Is Laying the Bedrock for Digital Money

Analysts Expect Explosion Past $500 as Ethereum Nears Crucial Resistance

Analysts Expect Explosion Past $500 as Ethereum Nears Crucial Resistance

Please login to join discussion

Don't Miss

Citi’s Bitcoin Report Does Little in Offsetting Yield Fears; Price Down Again
Bitcoin

Citi’s Bitcoin Report Does Little in Offsetting Yield Fears; Price Down Again

by Lascena Cryptocurrency News Education
March 2, 2021
0

Bitcoin kickstarted the week with an incredible recovery rally, negating a considerable portion of its losses from the previous...

Read more
Ethereum DeFi Trends Set To Dominate 2021

Ethereum DeFi Trends Set To Dominate 2021

March 2, 2021
TOP 5 ALTCOINS ON ETHEREUM READY TO EXPLODE IN 2020 – (Best Crypto Investments?)

TOP 5 ALTCOINS ON ETHEREUM READY TO EXPLODE IN 2020 – (Best Crypto Investments?)

March 2, 2021
Ripple XRP Will CRASH First Then PUMP If this happens!!! Top 5 cryptocurrencies to watch this week!

Ripple XRP Will CRASH First Then PUMP If this happens!!! Top 5 cryptocurrencies to watch this week!

March 2, 2021
🔴Stock Market Crash (Later This Year) Will Push Bitcoin OVER $50,000! | HUGE Bitcoin News

🔴Stock Market Crash (Later This Year) Will Push Bitcoin OVER $50,000! | HUGE Bitcoin News

March 2, 2021

Lascena Cryptocurrency News Education

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

© 2020 lascena.ca

  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021
  • Videos

© 2020 lascena.ca

  • bitcoinBitcoin(BTC)$48,926.006.04%
  • ethereumEthereum(ETH)$1,551.658.32%
  • cardanoCardano(ADA)$1.22-3.49%
  • Binance CoinBinance Coin(BNB)$247.5712.10%
  • tetherTether(USDT)$1.00-0.41%
  • PolkadotPolkadot(DOT)$35.796.36%
  • rippleXRP(XRP)$0.4353803.03%
  • chainlinkChainlink(LINK)$29.0615.91%
  • litecoinLitecoin(LTC)$172.314.63%
  • stellarStellar(XLM)$0.4186443.57%