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Iran’s New Crypto Law Requires Miners to Sell Bitcoin Directly to Central Bank to Fund Imports

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.

Iran reportedly revised the country’s cryptocurrency regulation to require licensed bitcoin miners to sell their coins directly to the central bank for use to fund imports.

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 has issued over 1,000 licenses to crypto miners, including one to the Turkish bitcoin mining giant Iminer Power plants in Iran are allowed to mine cryptocurrencies and bitcoin miners have been granted exclusive access to electricity generated from three of them. Meanwhile, over a thousand illegal bitcoin miners have been shut down and cryptocurrency trading is banned.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin55,608 0.15 % 0.91 % 12.53 %
Ethereum2,420.2 0.41 % 6.40 % 5.03 %
Binance Coin573.46 1.03 % 4.69 % 3.68 %
Tether0.9990 0.36 % 0.55 % 0.22 %
Polkadot43.88 0.58 % 0.43 % 36.39 %
Cardano1.260 0.01 % 4.10 % 11.62 %
XRP1.370 0.26 % 1.89 % 23.20 %
Uniswap35.30 1.89 % 15.35 % 0.57 %
Litecoin271.80 0.33 % 2.98 % 2.08 %
Chainlink38.06 0.50 % 0.53 % 6.74 %