Iran the new paradise for cryptocurrency mining
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Iran has become the new paradise for cryptocurrency mining and of course for Bitcoin, since the cost of electricity is very cheap.
Currently 4.5% of BTC miners operate from this Asian country, and the number is increasing month by month, since by the end of September the use of cryptocurrencies and smart contracts will become part of the Iranian economy, which has also launched its own currency called crypto rial.
This week the Iran Trade Promotion Organization (ITPO) has reported that in the course of this week it has placed its first order paid in cryptocurrencies and that the same is around 10 million dollars, circumventing the sanctions imposed by the United States who maintains an almost total economic embargo on the Arab nation that includes a ban on all imports, including the oil, banking and maritime sectors.
The opening to the cryptoeconomy will strengthen that market and attract many investors and miners who see with joy, after a long cryptowinter of very low prices, an opportunity to reverse this action, as the strength of the Arab country is well recognized.
It remains to be seen how long the honeymoon lasts and if the country's government does not take measures that could ruin the plans for this, as has already happened elsewhere.
It seems that Iran and Russia are trying to take advantage of crypto and blockchain technology to circumvent western sanctions. I'm not sure if this is good or bad news for American regulators, but I hope some sort of balanced approach will be taken
Thanks for sharing
Not only those 2 countries but also Venezuela, Central Africa and another group have discovered that it is very difficult for the United States to control the blockchain and they have got a window of escape in this.
We've found Crypto in your hashtags, reshared to @crypto.defrag
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