In brief
Iran's central bank has declared that transactions of cryptocurrencies which were mined outside of Iran are forbidden - in Iran, one can only transact with locally mined coins! https://t.co/YuOwdIkPG5
— Meh (@Fatalmeh) May 6, 2021
$119,230.00
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0.48%$0.999734
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6.08%$0.00903285
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3.73%$0.196582
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1.90%$0.00000114
11.92%$0.00000047
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0.82%$7.46
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2.53%$0.999924
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2.40%$1.00
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4.44%$25.39
2.56%$206.53
1.32%$1.42
3.19%$0.581097
1.92%$0.02024183
1.23%$0.183875
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3.76%$0.844451
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1.49%$0.03730748
0.08%$0.03447914
0.68%$0.00367055
4.90%$119,617.00
1.43%$0.00525518
2.99%$0.00006381
1.10%$0.00410917
5.70%$119,169.00
1.05%$0.759777
1.97%$0.240224
2.10%$0.825332
2.74%$4,049.63
3.44%$4,340.60
3.56%$0.00393383
1.10%$1.37
0.96%$0.00371485
1.99%$0.999723
-0.00%$0.090506
4.76%$3.66
10.87%Reading
The Central Bank of Iran (CBI) has prohibited the trading of Bitcoin and other cryptocurrencies mined outside the country, according to a report from news outlet Iran International.
At first glance, the move is a formality, as Iran had already effectively banned open trading of cryptocurrency. However, it may signal the intent of Iranian regulators to counter the removal of capital from the country.
According to a report from the state-run Iranian Students’ News Agency (ISNA), Iran has established new regulations to funnel Bitcoin mined by Iranians into state coffers so it can use them to pay for imports. The edict, put forth by the Ministry of Energy and Central Bank of Iran (CBI), requires the country’s legally registered cryptocurrency miners to sell the tokens they mine to CBI. The country, which has watched its foreign reserves dwindle by over 33% in two years, has increasingly eyed Bi...
Oil and natural gas deposits make Bitcoin mining in energy-abundant Iran relatively cheap and lucrative. Since legalizing cryptocurrency mining (but not trading) in 2019, Iran has looked to regulate the industry to its advantage.
Last October, as Iran looked to avert crippling US sanctions initiated during the Trump administration, the Central Bank mandated that registered Bitcion miners within Iran sell the mined tokens to CBI. The move gave the country an alternative way of paying for imports that bypassed foreign currency restrictions.
Iran's central bank has declared that transactions of cryptocurrencies which were mined outside of Iran are forbidden - in Iran, one can only transact with locally mined coins! https://t.co/YuOwdIkPG5
— Meh (@Fatalmeh) May 6, 2021
This week’s prohibition comes with some obvious logistical hurdles, such as how exactly one ensures “foreign” BTC stays out of Iran.
Attorney Fatemah Fannizadeh suggested enforceability among individual holders may not be the goal.
“I don't think it will be enforced on an individual level,” she tweeted. “Exchange platforms can basically not operate. But instead of a blanket ban, it allows banks and forex offices to use Iranian crypto for international transfers.”
That last part is key, as Iran is one of the few countries locked out of SWIFT, an international network for transferring money. The others are Cuba, North Korea, Syria, Sudan, and the Crimea region in Ukraine.
“This just means that Iran wants to export Iranian produced coins more aggressively, encourage mining, and counter capital flight in the face of a depreciating Rial,” Fannizadeh wrote.
The rial lost 80% of its value against the dollar between January 2017 and January 2021. During that same span, Bitcoin’s value increased over 3,800%.
Russian individuals and groups are using Kyrgyzstan’s cryptocurrency ecosystem to evade international sanctions, according to research from UK-based blockchain intelligence firm TRM Labs. Publishing its findings in a blog, TRM Labs reported that Kyrgyzstan appears to be serving as a front for cryptocurrency platforms and services linked to Russian exchange Garantex, which was shuttered in March after an international operation. New TRM analysis shows how Russia is turning to Central Asian natio...
Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies. ETHA hits warp speed BlackRock’s iShares Ethereum Trust, which trades under the ETHA ticker, just became the third-fastest ETF to reach $10 billion. It reached the milestone in 251 days. And was beat by BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund—which did it in 34 days and 53 days, respectively. There was much hand wringing and head scratching on Wall Street when the...
Sen. Elizabeth Warren (D-MA) has slammed the recently passed GENIUS Act, saying the American people will “pay the price” for the groundbreaking crypto legislation. The act, which was signed into law by President Donald Trump earlier this month, provides legal clarity for stablecoins. It establishes a framework for issuing and trading stablecoins, which has prompted increased interest in them from banks and major retailers. In an interview with Vanity Fair, Warren acknowledged the U.S. needs “str...