03/08/19 05:00 UTC-4

Financial Geography: Cryptocurrencies in Iran

Cryptocurrencies in Iran. Financial geography
Cryptocurrencies in Iran. Financial geography

Cryptocurrencies in the global financial market have long received the status of innovation, which helps to circumvent the sanctions of other states. For example, in Iran, a country with 81 million people, Bitcoin and altcoins effectively help circumvent all United States bans.

In this article, we will talk about the state of the cryptocurrency market and blockchain developments in Iran. We will tell you how local authorities relate to digital money, and also look at the development of the digital economy for the general consumer.


Mining as an "industrial business"

To begin with, recently, local authorities recognized mining as an industrial business. This, in turn, means that the state of Iran strongly supports the extraction of cryptocurrency and mining business. So, on July 29, during a meeting of the Cabinet of Ministers of Iran (in Tehran), chaired by President Hassan Rouhani, cryptocurrency mining was recognized as an official industrial activity.

At the time of writing, all miners and mining companies must obtain a license from the Ministry of Industry and pay taxes for their activities.

Interesting in the section: HashFlare: overview of the Cloud-Mining Service


Own cryptocurrency

Over the past 14 months, Iran has been working on the release of its own cryptocurrency, PayMon. The coin will be supported by the country's foreign exchange reserves, as well as reserves of four major banks: Parsian Bank, Bank Pasargad, Bank Melli Iran and Bank Mellat (under the supervision of the Central Bank of Iran).

PayMon in Persian (official language of the country) means "covenant". It is assumed that the coin project was created to effectively circumvent US sanctions and bans of the Swift payment giant. A previously published press release said the crypto-project "will help maintain international trade."


Confrontation with Durov and the Telegram project

In December last year, the Iranian authorities took several steps aimed at countering the Gram cryptocurrency (from the Telegram messenger). In a statement from the secretary of the Iranian working group on the definition of criminal content, Javad Javidniya, any cooperation with the application to launch the Gram token will be considered an action against national security and a threat to the national economy.


The highest price of Bitcoin in Iran

In September 2018, on the EXIR Iranian exchange, the price of the first cryptocurrency reached the mark of 26,000 US dollars. The price record was reached in just a few hours. Bitcoin appreciation was recognized as a consequence of the adoption of the mining bill as a separate industry.


1000 illegal cryptocurrency farms

In the summer of this year, Iranian authorities confiscated about 1000 illegal cryptocurrency farms that Bitcoin mined. The farms were located at two abandoned Arash Nawab plants and stole electricity. Mostafa Rajabi Mashhadi, a spokesman for the Iranian Ministry of Energy, commented on the situation as a "criminal incident." According to world statistics, themes at Arash Navab plants can be considered one of the largest "non-industrial" mining farms outside the official business.

Editor: Alyona Nabok

#Iran #cryptocurrency #mining #EXIR #Gram #Telegram #PayMon



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