While the rest of the world recently observed bitcoin’s almost $1,000 drop, the world’s most popular cryptocurrency hit the title having the most expensive price in Iran – $24 000, on the local exchange Exir.
“Only 4 days ago you could be a Billionaire by only having 1 BTC in Iran. #BitcoinBillion is happening and other countries will join soon enough”,
Exir tweeted yesterday.
On September 4, The Government of Iran legitimized cryptocurrency mining as an industry. Following the announcement, The price of bitcoin raised like a Phoenix up to high of 1,020,000,000 Iranian rials ($24,000 USD). During the same time, BTC was traded on the leading cryptocurrency exchanges globally around the price of $7,000.
In the interview with IBENA, The Secretary of Iran’s Supreme Council of Cyberspace, Abolhassan Firouzabadi told that The Central Bank of Iran is drafting a policy framework for the crypto industry. He stated, that increasing the use of cryptocurrencies is affecting positively not only in the wake of the refreshed US sanctions but all the of the trades between Tehran and its partners.
Iran has been struggling with the economic pressures from the U.S, especially with the sales and production of its main export, oil. Last month The crude oil production of Iran made the biggest productional decrease of 6.4% among the members of The Organization of Petroleum Exporting Countries (OPEC). The U.S Administration’s re-established sanctions against Iran caused majority of the global trade partners to dismiss all of the operations with the country. Since that, over 100 companies denied to engage further more with Iran causing the drop of oil exporting.
With legitimization of the cryptocurrency mining Iran aims to improve the aftermath of the economic pressures caused by the sanctions, and to improve the oil production and exports to European countries.
Author: Sarah Tuuli