Iranian government approves use of cryptocurrencies to fund imports

Currency-strapped Tehran further embraces cryptocurrencies

According to Iran Daily and a report by The Islamic Republic News Agency (IRNA), the Iranian government has further shifted to embrace cryptoassets in recent weeks.

The Iranian cabinet has reportedly amended its regulations to allow cryptocurrencies to be used for import funding by the nation’s central bank.

Crypto miners will henceforth be able to directly supply the Central Bank of Iran with crypto within a certain limit.

The amount will be outlined in the near future by the Ministry of Energy and will relate to how much subsidised energy miners utilise.

The move can be said to have been driven more by necessity than love for decentralised currencies.

The Iranian government is fundamentally ambivalent to the technology.

It is wary of everyday Iranians acquiring the likes of Bitcoin in order to hedge against the inflation-prone rial but open-minded on a state level, viewing cryptocurrencies as a way to evade US sanctions. Tehran legalised crypto mining and some trading last year, although with high levels of regulation.

Its decision to allow cryptocurrencies to be used for import funding by the CBI can be said to reflect the efficacy of ongoing sanctions and the sheer extent to which the Islamic Republic is strapped for international currencies.

By late-afternoon, Bitcoin traded up 1.7 per cent at $13,531, almost 90 per cent above its 2020 starting level.

Source: currency.com

Comments

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry. The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling. Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk about cryptocurrency,

Will Solana (SOL) Be the Shining Star of the Bull Market?

About 250,000 to 700,000 SOL have been sold daily by FTX for the last three weeks. SOL’s price jumped above $60, as GSOL’s premium also increased. While the price may retrace, it may not take long before SOL hits $70. Despite being a notable casualty of the FTX contagion in 2022, Solana (SOL) has defied all odds in 2023, as the price continues to outshine its peers. In the last 30 days, the value of SOL has increased by 180%, rising as high as $62 on November 11. However, the rising price of SOL is not the only interesting thing the token has shown by the token. For a token that was once described as dead, it has shown tremendous strength. Coin Edition came to this conclusion because of a post by trader Bluntz Capital. The Big Players Are Here According to Bluntz, FTX, after getting the go-ahead to liquidate its assets, has been selling around 250,000 to 700,000 daily for the last three weeks. Regardless of the sales, SOL has failed to nosedive. Rather, the price has chosen the upside

Terra Classic Community Passes Major Constructive Proposal, LUNC And USTC To $1?

The Terra Luna Classic community has passed another key proposal as they prepare for a revival of Terra Luna Classic (LUNC) and repeg USTC stablecoin to $1. The proposal aimed at having a guideline for a pay-per-job approach on the Terra Classic chain as core developer L1TF goes into maintenance mode for Q4. Meanwhile, the community is also collaborating on other fronts to keep LUNC and USTC above key support levels as traders started booking profits amid the latest pullback in the crypto market. Terra Luna Classic Passes Pay Per Job Proposal Proposal 11889 “Pay-per-job and governance-ruled Job List” has passed successfully. The proposal deemed the monthly model of roadmap and payment planning as suboptimal and plans to switch to a pay-per-job model. The proposal has received 91.99% “Yes” votes, with others mostly voting “Abstain”. The community believes it will optimize compensation structure, provide flexibility and transparency, boost community engagement, and risk mitigation. A

Crypto Ethone

Search This Blog