At that time, as bitcoin continues to lose value – presumably due to the fact that Goldman Sachs has postponed the launch of the trade digital currencies in one of the regions of the world, the BTC price remains incredibly high.
In Iran, bitcoin is now much more than anywhere else in the world. The combination of high need for foreign currency, economic sanctions, and an improved regulatory environment gave rise to rapid growth rates of the most popular cryptocurrencies.
Sudden rise of bitcoin prices in Iran occurred on Wednesday, after the government of President Hassan Rouhani (Hassan Rouhani) said it was ready to accept cryptocurrency mining as a separate industry. In addition, the increasing value of bitcoin is also due to the depreciation of the national currency of Iran.
Bitcoin has reached a historic level of $24 000 per coin on the exchange of Iranian EXIR, eclipsing its previous high of $20 000, as investors began to buy digital currency in an attempt to protect their savings from the falling Iranian Rial.
EXIR tweeted that “bull market of bitcoin started in Iran, when the price of the Rial has declined against the US dollar”. In Tehran, the Rial, is trading at 138 000 coins against the US dollar, according to Reuters, about 230% higher than the official rate (about 42 000 rials per dollar).
On Tuesday, Iran announced that within three weeks it will officially start to recognize the mining of bitcoin and other cryptocurrencies as a separate industry. The Central Bank of Iran, which carries out monetary policy, should develop a regulatory framework for the sector, said Secretary of the Supreme Council for cyberspace Abolhasan Firoozabadi Iran (Abolhassan Firouzabadi).
Firoozabadi told the news Agency specialized in banking and the economy IBENA that the increasing use of cryptocurrencies will help to establish trade between Tehran and its partners, especially after the renewal of U.S. sanctions against the country.
“However, the final policy to legitimize cryptocurrency mining is not yet developed,” notes IBENA.
The Iranian price of bitcoin reflects the gap between the official exchange rate of the national currency and what is happening in the country and is a reflection of the inflationary pressure created in the economy, which is under U.S. sanctions.
According to CoinMarketCap, the price of bitcoin is currently at $6 400, in Iran it is higher by about 260%.
Iran is the third-largest oil producer in the world, hopes to use cryptocurrency to compensate for the expected decline in oil revenues in the result of the U.S. economic sanctions aimed at cutting oil sales.
Iran will not be the first country that attempts to use cryptocurrencies for smoothing the impact of economic sanctions. In February, Venezuela has released their own digital currency, the Petro, which is alleged to be provided by oil. But it looks like Peter is having trouble. Recent reports indicate that there is no provision for the state of cryptocurrency oil and there was not.