• Iran will allow imports to be funded through cryptocurrencies like Bitcoin.
  • A report states that cryptocurrencies mined in Iran can only be exchangeable if they are used to finance imports from other countries.

Iran will allow national imports to be funded through cryptocurrencies, according to a report from the Central Bank of Iran (CBI) and the Ministry of Energy. The country has amended legislation on digital assets, which also means that legally mined cryptocurrencies in Iran can only be exchangeable if they are used to finance imports from other countries.

Back on April 22, 2018, the Central Bank of Iran announced that handlings cryptocurrencies by financial institutions would be illegal. Laws in Iran regarding cryptos have changed drastically over the years.

In 2018, the mining of cryptocurrencies became legal. Unfortunately, in 2019, Iran's government shut down all the mining operations using industrial electricity and made it illegal again. Eventually, the country did recognize cryptocurrency mining as an industry within its borders. 

Iran becomes the first country to use cryptocurrencies at a state level

Bitcoin miners in Iran will have a legal cap for the number of coins they can mine depending on the amount of subsidized energy. Further instructions will be published by the Ministry of Energy. The report by the CBI and the Ministry of Energy stated:

The miners are supposed to supply the original cryptocurrency directly and within the authorized limit to the channels introduced by the CBI

Iran Daily, the official newspaper of Iran's government, suggested that a +1.55% change on Bitcoin should be used for import payments to avoid sanctions on Iran's access to the dollar.

Bitcoin 'Phase 5' ready? 

This is an example of how Bitcoin adoption is growing, both from particulars and organizations (public and private), which is seen as a positive fundamental for the price.

PlanB, a famous cryptocurrency analyst and creator of the infamous Bitcoin Stock-to-Flow Cross Asset Model, stated that Bitcoin' Phase 5' is ready. The analyst has referenced these Bitcoin phases several times in the past. 

#Bitcoin S2FX Phases

1: Pizza, GPU miner, Silk Road, MtGox

2: >$1, Wikileaks, Satoshi Dice, Coinbase, Halving1

3: >$100, Cyprus, Bitstamp, Ulbricht arrest, MtGox default, XT fork, Halving2

4: >$1000, JPN&AUS legalize BTC, Altcoins/ICO, BCH/SV forks, Segwit/LN, Futures, Halving3

btc price

Bitcoin S2F model

It seems that each phase now is a x10 jump on Bitcoin's price, with Phase 4 at $1,000 and Phase 5 at $10,000. The model would suggest that BTC is on its way to $100,000, which would be the next phase and big jump on the S2F model. 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP