Iran’s New Crypto Law Requires Miners to Sell Bitcoin Directly to Central Bank
Iran has 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. Iran’s Revised Crypto Law The Iranian government has amended its cryptocurrency regulation to enable the country’s central bank to fund imports with bitcoin legally mined in the country, the government-controlled IRNA news agency reported on Saturday. Iranian publication Financial Tribune conveyed: The measure proposed by the Central Bank of Iran [CBI] and the Ministry of Energy requires licensed....
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Lawmakers seem to be attempting to establish a legal framework behind a Central Bank of Iran decision for people to only use crypto from state-licensed mining operations for payments. A new bill drafted by the Iranian Parliament Commission on Economy aims to restrict the use of cryptocurrencies within the country while providing a clearer legal framework for miners.According to a Friday report from the Tasnim News Agency, lawmakers drafted a bill titled “Support for cryptocurrency mining and organizing the domestic market for exchanges,” which the country’s parliament first announced on....
The Central Bank of Russia would agree to the legalization of cryptocurrency mining, provided the proceeds from the activity are converted to fiat outside of Russia. The regulator’s latest position on the matter comes after it softened its stance on the possible use of cryptocurrencies for payments, even if only internationally.
Central Bank of Russia to Accept Legalization of Cryptocurrency Mining
The monetary authority in Moscow is now ready to back the legalization of crypto mining under the condition that Russian miners are obliged to sell the coins they obtain in....
The Commonwealth Bank of Australia (CBA), the country’s biggest bank, is providing customers with the ability to buy, sell, and hold crypto assets directly through its app. The bank has partnered with crypto exchange Gemini and blockchain analytics firm Chainalysis to provide crypto services.
Commonwealth Bank Begins Offering Crypto Services
Commonwealth Bank (CBA), also known as Commbank, announced Wednesday that “it will become Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets,” which will be directly through....
Discounted tariffs made Iran attractive to miners, now the country is having a hard time closing the gap between the production and consumption of electricity. Iran’s challenge with the ever-increasing electricity consumption reached new heights, leading the country to halt electricity exports.Abuzer Salihi, general manager of Iran’s electricity distribution company Tevanir, announced on state television that it has reduced electricity exports to zero “so that there is no problem in electricity supply in the country.” He said that the electricity supply to Afghanistan’s Herat province,....
Iran has decided to legalize the use of crypto in cross-border payments, which could impact how some countries view crypto. With the Trade Ministry officially approving the use of cryptocurrencies for foreign trade, Iran will become the first-of-a-kind adopter in the world. The obvious problem with the news is that the country’s innovative policy obviously aims at circumventing financial sanctions that have been hampering its participation in the global economy for many years. These circumstances set an ambivalent tone for Iran’s experiment — while for some, it could prove crypto’s....