Virtual currency law in Iran

In 2018, Iran recognized cryptocurrency mining as a legal industry in order to monitor and regulate the mining farms that were already operating.[1] In July 2018, President Hassan Rouhani's administration declared its intention of launching a national cryptocurrency, a news agency affiliated with the Central Bank of Iran outlined multiple features of the national cryptocurrency, stating that it would be backed by the Iran's national currency, the rial.[2] The cryptocurrency could allow Iranians to make international transactions amidst trade embargo. As of December 2020 Iranians traded between $16 and $20 million in 12 different cryptocurrencies each day.[3][4][5] Iran's mining amount of bitcoin is close to $1 billion a year.[6]

Rial Currency

Rial Currency will be the digital currency of the Central Bank of Iran, which is considered as electronic cash and will be the electronic version of common banknotes in Iran. Its value is also attached to the existing traditional paper rial. According to the emphasis of the Central Bank of Iran, Rial Currency, unlike cryptocurrencies such as Bitcoin, cannot be mined and its supply will be regulated by this bank."arzdigital news". 20 August 2022.

See also

References
  1. "Iran's muddled relationship with cryptocurrency is self-inflicted". Atlantic Council. 2020-06-18. Archived from the original on 2020-12-27. Retrieved 2020-12-27.
  2. Ratna, Tanvi. "Iran Has a Bitcoin Strategy to Beat Trump". Foreign Policy. Archived from the original on 2020-12-27. Retrieved 2020-12-27.
  3. Erdbrink, Thomas (2019-01-29). "How Bitcoin Could Help Iran Undermine U.S. Sanctions (Published 2019)". The New York Times. ISSN 0362-4331. Archived from the original on 2020-12-27. Retrieved 2020-12-27.
  4. "Iranians Warned To Be Wary As Daily Crypto-Currency Trade Reaches $20 Million". Iran International. 2020-12-04. Archived from the original on 2020-12-27. Retrieved 2020-12-27.
  5. Lerner, Barry (June 2018). "Regulation of Cryptocurrency". www.loc.gov. Archived from the original on 2020-12-27. Retrieved 2020-12-27.
  6. "Iran uses crypto mining to lessen impact of sanctions, study finds". Reuters. 21 May 2021.


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