Iran legitimizes the encrypted mining industry, bitcoin price tips at $ 24,000 locally

The Iranian government's recognition of cryptocurrency as a legitimate industry has pushed bitcoin prices to record levels at a time when the country closes on its national cryptocurrency to evade sanctions.

According to the local news agency IBENA, the country's High Council of Cyberspace (HCC) has confirmed that the government now sees the extraction of cryptocurrencies like bitcoin as an industry legitimate. The secretary of HCC Abolhassan Firouzabadi stressed that the authority will "declare the framework and definitive policies" for start-ups and companies in the cryptocurrency sector before the turn of this month.

In particular, the senior government official has indicated a unified political approach between several governments, such as the Ministries of Communications and Information Technology, Industry, Mines and Commerce. Energy and the Ministry of Economic Affairs have agreed that the encrypted extraction "has been accepted as an" industry ".

As reported in November 2017, Firouzabadi adopted a decidedly embryonic approach to the use of cryptocurrencies in Iran, under regulation.

He said at the time:

"We [at the HCC] welcome Bitcoin, but we must have regulations for Bitcoin and any other digital currency … Our opinion about Bitcoin is positive, but that does not mean we will not need of regulations in this sense because to follow the rules is a duty.

The legitimacy of the crypto mines in Iran follows the government's bid so much flagged to develop and launch a cryptocurrency State.The token of the state, hope the Iranian authorities, will help evade Western financial sanctions led by US President Donald Trump.

The indigenous cryptocurrency is anchored in the Iranian national currency, the rial, and is developing on the open source blockchain technology offered by the Hyperledger Fabric led by Linux Foundaiton. Once launched, the cryptocurrency will be used as a digital token to settle transactions within banks n alongside its intended use in global trade with allies without being dependent on SWIFT's global interbank system.

Firouzabadi pointed out that the state cryptocurrency "can be used as a financial transaction tool with Iran's trading partners and friendly countries amid economic pressures through US sanctions."

Bitcoin's price reaches the all-time high of all time

In a direct reaction to the recognition of the status of crypto mining, the commercial activity in Iranian internal exchanges fired across the roof to send bitcoin prices to record levels at $ 24.00 for money, over 3 times the global average in the last days.

"The $ 24,000 was quoted on multiple digital currencies but in particular Exir, where BTC traded hands at a price of 1,020,000,000 IRR," reported Sam Bourgi of CCN Hacked's sister publication. "This cancels the previous maximum of $ 20,000 per currency, in comparison, the bitcoin has been traded at around $ 7,000 on the major cryptocurrency bags on Wednesday."

The business has been rampant in Iran in recent months with the head of the Iranian Parliament's Economic Commission arguing that citizens had spent over $ 2.5 billion buying cryptocurrencies beyond the country's borders pending formal US withdrawal from the Iranian nuclear agreement

Image of Tehran palace from Shutterstock.

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