Crypto currencies are not adopted at the same level everywhere in the world. Some countries allow transactions with Bitcoin; some countries impose sanctions. A new list is added to this list. Iran forbids trading with the leading crypto currency Bitcoin ( BTC ). The middle eastern country has not yet approved a ban on Bitcoin mining, which is popular crypto currency.
Iran bans trading with Bitcoin (BTC)
Speaking to Iran’s semi-official news agency, Tesnim, the deputy governor for new technologies at the Central Bank of Iran, Nasser Hakimi, said that transactions with Bitcoin were forbidden and the High Council on Anti-Black Money’s decision cited this. Nasser Hakimi, who warned Bitcoin and crypto currency investors about the risks of investing in these assets, made the following important statement:
Buying and selling bitcoin is prohibited in iran. the price fluctuation of bitcoin is very high and therefore carries legal risks. therefore, I advise the citizens not to enter this game.
Nasser Hakimi added, that Bitcoin mining is not yet banned. However, the President of Iran’s Anti-Smuggling Authority of Goods and Foreign Affairs Ali Mueyyidi said in a statement, all transactions related to Bitcoin are prohibited in the country and stressed that the ban will face serious consequences.
There is no ban on Bitcoin mining
Iran is experiencing problems with international trade due to US sanctions. Therefore, with the rising Bitcoin prices in Iran, transactions with crypto money increased rapidly. All transactions on the Bitcoin Blockchain are recorded on all computers connected to the crypto currency. The ones that actually produce serious electricity are the so-called miners, which produce Bitcoin.
Bitcoin miners are required to perform BTC operations with a large number of advanced computers, resulting in intensive electricity consumption. Because of US sanctions, Iran’s state-subsidized power plants, public institutions, farmland and schools have become centers of illegal Bitcoin mining.