The Iranian Government Authorizes Crypto Mining Operations Skyrocketing the Value of Bitcoin to $24000 Locally

The Iranian Regime’s legalisation of crypto mining operations drove the value of Bitcoin to its best hit ever. This comes just as the nation strives to invent its own digital currency to avoid global trade sanctions.

IBENA, an Iranian local news agency, reported that the Iranian High Council of Cyberspace (HCC) announced that the government now regards crypto mining as a legal activity. Abolhassan Firouzabadi, HCC’s secretary general, emphasized that the government will structure the framework and guidelines for new crypto enterprises and establishments before the end of September 2018.

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The Government Sectors that Cheered this News

Abolhassan Firouzabadi further expressed that various government ministries, like the Ministry of Information and Technology, the Ministry of Mining & Trade, the Ministry of Energy and the Ministry of Economic Affairs, all came up with an integrated policy approach.

The legalization of crypto mining operations in Iran comes in a time when the Iranian authorities are striving to invent a national cryptocurrency, which will help them dodge global economic sanctions steered by the United States.

The much-hyped cryptocurrency is based on the country’s national currency, the Rial, and is being invented on an open-source ledger supported by the Hyperledger Fabric. This cryptocurrency will be applied as a virtual token to carry out local transactions and international activities with its various business partners.

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The Impact of the Legalization on Local Bitcoin Price

As a direct impact of the nation’s legalization of cryptocurrency mining activities, business operations in local Iranian transactions hit their all-time best of $24000 per coin.

More Crypto Investments by the Iranians 

Business activities have risen in previous months with the chair of Iranian Economic Parliament’s Economic Commission stating that the Iranians had invested more than $2.5 billion in cryptocurrencies globally in the eagerness of the US’ withdrawal of the imposed sanctions.

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John Makori is a cryptocurrency writer with background in IT and journalism. He has lived in different countries, and settled in Canada. He has more than 4 years of experience working as a journalist with interest in Bitcoin and Cryptocurrencies. He’s passionate about learning Blockchain technologies’ potential to reshape all aspects of our lives. He joined TheOofy as a writer.