• 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

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.

More Bitcoin News
Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.

More Litecoin News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.

More Cryptocurrencies News
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.

More Cryptocurrencies 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