Iranian Central Bank Will Use Mined Bitcoin to Purchase Imports

Iranian Central Bank Will Use Mined Bitcoin to Purchase Imports

By Abhimanyu Krishnan | News | 30 Oct 2020


The Iranian central bank has asked registered Iranians miners to sell mined Bitcoin (BTC) to it, according to a report from state-run media outlet the Iranian Students’ News Agency (ISNA) on October 29.

  • The ISNA reports that the central bank is aiming to divert mined Bitcoin into state coffers so that it can be used to pay for imports
  • Suggested by the Ministry of Energy and Central Bank of Iran (CBI), the decree compels registered miners to sell their Bitcoin to the central bank
  • The Iranian Central Bank has been looking for additional ways to trade with other nations to counteract sanctions imposed by the United States
  • In May 2020, Iranian President Hassan Rouhani urged country officials to accelerate Bitcoin mining regulation and come up with a strategy for the industry as a whole
  • Iran legalized cryptocurrency mining in August 2019 with the intention of creating jobs and attracting foreign investment; however, cryptocurrency trading is banned 

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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