Bitcoin to be used for imports in Iran, according to a new law


  • 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. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin a “caged bull” with little resistance ahead as BTC still in price discovery mode

Bitcoin price continues to struggle to reach a record high above $60,000. However, BTC demand and on-chain data suggest a bullish outlook for the pioneer cryptocurrency. Bloomberg analyst Mike McGlone indicates Bitcoin is in price discovery, far from reaching the cycle top.

More Bitcoin News

XRP Price Prediction: Ripple bulls at inflection point

XRP price has been on a tear lately as it has more than tripled since late March. However, considering the overall cryptocurrency market being overextended, the remittance token might be due for a correction. If the buying pressure persists, Ripple might surge another 16% to $1.68.

More Ripple News

Binance Coin price rally gaining energy, could be set for a blow-off move

Binance Coin price increase in 2021 reflects the rise of BNB from a simple utility token to something much more complex and useful for traders. The token’s momentum is slightly extended on an absolute basis, but relative to the February highs, there is still more upside potential, even for a blow-off move. 

More Binance news

Swipe price raises doubts about new rally as SXP loses bullish momentum

Swipe price has been wedging higher since mid-February until the April 10 breakout into all-time highs. The bearish reversal on April 10 combined with another bearish reversal today should caution traders that the upside will be limited in the short-term, and the potential for a deeper correction is ...

More Swipe news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.

Read the weekly forecast

BTC

ETH

XRP