• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
bitcoin
Nexo Logo

Iran Authorizes “Haram” Bitcoin as US Sanctions Choke Economy

Davit Babayan by Davit Babayan
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
Advertisement

The Iranian government has authorized the mining of cryptocurrencies like bitcoin as an industrial activity on the sidelines of a gloomy economic outlook.

Mehr News reported today that miners would need to obtain required licenses from the Ministry of Industry, Mine, and Trade. The move would make crypto mining a taxable event unless miners export the mined tokens out of Iran and bring back the profits into the country. At the same time, the government has clarified that it would not provide any banking or legal support to miners. It also stated that using bitcoin or any other non-Iranian sovereign asset for payments remains banned.

The go-ahead appeared a week after a government committee approved cryptocurrency mining activities on Iran’s soil. The Central Bank of Iran Governor Abdolnaser Hemmat stated on July 21:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“A mechanism to mine digital coins was approved by the government’s economic commission and will later be put to discussion at a cabinet meeting.”

Haram to Not Haram

Earlier before, the Iranian government had disproved cryptocurrency mining for its potential misuse of subsidized electricity. It later ordered the law enforcement agencies to crack down on illegal bitcoin mining farms. The police, in response, confiscated thousands of dollars worth of mining machinery.

Meanwhile, the ones who managed to get away from police action discussed their necessities with the Associated Press of Iran (AP). According to the obtained quotes, miners chose to side with bitcoin when their own national currency Rial dropped from 32,000 to around 120,000 per US dollar in just four years.

The miners refused to share their income with the press.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Iran’s Information & Communications Technology Minister Mohammad Javad Azari Jahromi recognized miners’ tactics. He told AP last week that bitcoin is turning into a haven for miners, adding:

“The business of ‘mining’ is not forbidden in law but the government and the Central Bank have ordered the Customs Bureau to ban the import of (mining machines) until new regulations are introduced.”

The statement didn’t match what the country’s paramilitary Revolutionary Guard told Tabnak. He quoted three Ayatollahs who allegedly described bitcoin or bitcoin mining operations as “haram,” which means forbidden under the Islamic law.

Jahromi said that they later presented bitcoin as an asset before clerics who so far believed it to be a currency without an intrinsic value.

“Some of our top clerics have issued fatwas that say Bitcoin is money without a reserve, that it is rejected by Islamic and cybercurrencies are haram,” Jahromi said. “When we explain to them this is not a currency but an asset, they change their mind.”

US Sanctions

Iran is trying to keep people from converting their rials into other assets, including bitcoin, as it continues to feel the heat of US-imposed sanctions. Reports indicate that over $2.5 billion had already left Iran by the end of 2018 through bitcoin.

The US, meanwhile, is increasing its crackdown on the regional cryptocurrency industry, including the arrest of two Iranian men for allegedly extorting bitcoins via a ransomware attack. Treasury Secretary Steven Mnuchin on July 15 called bitcoin “a national security threat,” citing its use in money laundering and terrorist financing.

Tensions between the US and Iran have further escalated after they shot down each others’ drone. The former issued a threat to carry out airstrikes. The US President Donald Trump later ordered troops to not go ahead with the attack.

Tags: bitcoinBitcoin News
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Related Posts

Ripple Price Falls Below $0.43 As Bears Take Control Of The Market

Ripple Price Falls Below $0.43 As Bears Take Control Of The Market

59 mins ago
Ethereum

Ethereum Could Tank Further; Here’s What The Charts Say

9 hours ago
MicroStrategy

MicroStrategy Will Not Dump Any Of Its Bitcoin, CFO Reveals

11 hours ago
Bitcoin

Bitcoin NUPL Touches Lows Not Seen Since COVID Crash, Rebound Soon?

15 hours ago
Bitcoin

Long Liquidations Continue To Rock Market As Bitcoin Struggles To Settle Above $30,000

17 hours ago
Tether

Tether Cuts 17% Of Its Commercial Paper Holdings Over Q1 2022

20 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Carbon Removal Marketplace Achieves Key Milestone

May 21, 2022

NFCore (NFCR) Is Now Available for Trading on LBank Exchange

May 20, 2022

How to Gain Great Sums with Quitriam Finance (QTM), Cosmos (ATOM), Flow (FLOW)?

May 20, 2022

3 Cryptocurrencies that could give you Greater Gains: Mushe Token (XMU), Cardano (ADA), and Polkadot (DOT)

May 20, 2022

Award-winning Crypto Game, Stonk League Introduces GameFi Player Rankings

May 20, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.