Originally posted by Lance
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Not a currency? currency is a medium of exchange by its adopters. Iran turns to bitcoin to fund imports
Crippled by sanctions imposed by the US government, Iran has turned to cryptocurrency to fund imports.
The Islamic republic has become the first country in the world to adopt bitcoin at a state level for value exchange, Trustnodes reports, citing a story issued by the official IRNA news agency.
The Iranian cabinet has changed legislation in order to redirect the crypto into the Central Bank of Iran’s funding mechanisms for imports.
“The miners are supposed to supply the original cryptocurrency directly and within the authorized limit to the channels introduced by the CBI,” said a report by CBI and the Ministry of Energy.
Presstv, an Iranian state-owned news and documentary network affiliated with the IRIB, explained: “The legal cap for the amount of cryptocurrency for each miner would be determined by the level of the subsidized energy used for mining and based on instructions published by the Ministry of the Energy.”
The Islamic republic has become the first country in the world to adopt bitcoin at a state level for value exchange, Trustnodes reports, citing a story issued by the official IRNA news agency.
The Iranian cabinet has changed legislation in order to redirect the crypto into the Central Bank of Iran’s funding mechanisms for imports.
“The miners are supposed to supply the original cryptocurrency directly and within the authorized limit to the channels introduced by the CBI,” said a report by CBI and the Ministry of Energy.
Presstv, an Iranian state-owned news and documentary network affiliated with the IRIB, explained: “The legal cap for the amount of cryptocurrency for each miner would be determined by the level of the subsidized energy used for mining and based on instructions published by the Ministry of the Energy.”
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