The Iranian government is changing its legislation on the use of cryptocurrencies, making Bitcoin one of the country's main currencies, in an effort to circumvent recent US sanctions.
According to the IRNA news agency of the Islamic Republic, the move is a "response" to the new package of sanctions imposed by Washington and aims to make the popular cryptocurrency a means of financing the imports that the country needs.
It is recalled that the US imposed a series of new sanctions on Iran last week, which effectively prevent Tehran from using dollars for international trade, including even the purchase of drugs from foreign countries.
This development prompted Tehran to immediately seek an alternative to conducting its international trade. Although Bitcoin is a very volatile medium of financial transactions, the dire economic situation in which the country finds itself does not leave it with many options.
Of course, this shift of Iran to Bitcoin does not concern all the citizens of the Republic of Iran. In particular, the use of Bitcoin is legal only for strategic payments related to the import of products, while the Iranian miners can now officially mine Bitcoin, provided of course that they will then be redeemed by the Central Bank of Iran, which in turn can use them legally in its international trade.
In contrast, the sale of Bitcoin by non-cooperating miners with the Iranian Central Bank continues to be "illegal".
The IRNA news agency also reports that there may be other restrictions, one of which, for example, will be related to the amount of electricity legally consumed by certified miners. It is noted that Bitcoin mining requires enormous computing power which involves high energy consumption.
With this move, the Islamic Republic becomes the first country in the world to adopt Bitcoin as a means of trading at the state level.
It is worth noting that the cryptocurrency trade in Iran has been legal since last year, but it is subject to very strict supervision and its volume is very limited.
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