Iran, a country badly hit by US economic sanctions, now looks to crypto and blockchain technology investments as an alternative. Namely, it creates really favourable conditions to boost its cryptocurrency mining industry and attract companies from all over the world.
As of the recent political events between the long term sworn enemies of the United States and Iran, new measures have been reintroduced by the former. The United States under the Donald Trump administration imposed fresh economic sanctions on Iran. Following the sanctions aftermath prices of commodities like Bitcoin and Gold started to steadily enter a bull run.
The President of Iran, Hassan Rouhani, advised Muslim countries to embrace financial and economic cooperation to battle the “U.S. hegemony” and he used this platform to criticize sanctions imposed on his nation by America.
The Lightning Network (LN) torch cost has crossed borders to Israel after being posted by an Iranian in a symbolic sign of peace amongst these two countries. This historic phenomenon only shows that bitcoin is indeed a political and borderless cash experience.
The head of Iran’s Trade Promotion Organization (ITPO) has said that the country is in talks with senior representatives from 8 nations to begin transactions with its ‘IranCoin’ - the newly created State-backed digital currency, Crypto-Rial, according to Tehran Times, a local news outlet.
Iran - a theocratic Islamic republic in the Middle East, is expected to declare a state-backed crypto at the yearly Electronic Banking & Payment Systems (EBPS) conference that will begin on Tuesday, January 29.