Cryptocurrency mining helps Iran avoid sanctions
Cryptocurrency mining helps Iran avoid sanctions

The Research Center in the office of Iranian President Hassan Rouhani released a report calling on the country to mine cryptocurrency to help the economy under severe international sanctions.

According to a report by the head of Iran's Center for Strategic Research, cryptocurrency mining could bring economic benefits to many different sectors of the weak economy.

The report highlighted the need for the system to use cryptocurrency to generate additional revenue, and stated that if the government intervened seriously, it could generate $ 2 million in cryptocurrency and $ 700 million in direct revenue per day.

Although the Bitcoin transaction fee revenue could bring the Iranian government $ 22 million in revenue every year.

The report also noted that the creation of more bitcoin mining facilities in Iran has led to an increase in employment, and that cryptocurrency miners also have basic energy needs. About nine people work directly for every megawatt of energy consumed.

The author writes that when a large mining operation is constructed, workers will need to be appointed for supervision, maintenance and security and the demand for electrical engineers and technicians associated with the process will increase with more job opportunities. In other sectors.

At the same time, the report indicated that organized cryptocurrency activities in Iran could also help prevent foreign currencies from leaving the country by reducing the need to purchase the country's digital currencies or riyals that could be used to buy cryptocurrencies.

The report also shows that Bitcoin is able to evade sanctions against Iran, and the author said: Because newly mined Bitcoin cannot easily be tracked despite the pressure from sanctions imposed on the country, however, local economic players can still use the new mining cryptocurrency . In international exchanges, it is much more popular than the current Bitcoin.

The report recommends that the government take a flexible approach in dealing with cryptocurrencies, conducting large-scale mining activities in Iran, building mining complexes near power stations where possible, and implementing a unified policy on cryptocurrencies.

Iran recently tried to turn cryptocurrency mining into a source of government revenue while cracking down on independent miners responsible for power outages.

Previous Post Next Post