Iran legalized cryptocurrency mining in 2018. The goal was to monitor and regulate the cryptocurrency mining farms operating in the country.
President Hassan Rouhani declared that he wants to launch a national cryptocurrency. According to a news agency affiliated with the Central Bank of Iran, the cryptocurrency will be backed up by Iran’s national currency the Iranian Rial. This national cryptocurrency will allow Iranians to conduct international transactions amidst a trade embargo. Iranians currently mine over $1 billion in cryptocurrencies yearly.
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