Iran Amends Law To enable Use of Bitcoin in Imports
An amendment has been made to Iranian law that will see the country’s central bank re-direct cryptocurrencies as a funding mechanism for imports. The country's crypto miners are required to channel their coins as per a joint report by the central bank and the Ministry of Energy. The amount submitted by each miner will depend on the ministry's guidelines as well as the subsidy received.
The decision by Iran to turn their eyes on Bitcoin is the first from any country. As the economy chokes under US sanctions, its currency has been shredded by inflation. With the situation turning desperate, Bitcoin being used as a tool to facilitate imports, at a government level, highlights the true strength of mainstream cryptocurrencies.
Impact on the BTC Price:
Bullish. Bitcoin is drawing the attention of not only institutions but now governments. Iran is crypto-friendly and has measures in place to encourage the mining of BTC. The use of BTC to serve national interests is a net positive for the coin and crypto as a whole.
More market updates on our Blog