Iran

Iran has long been known as a crypto-friendly nation, but in the recent past it has changed its view towards this emerging industry. Currently, authorities in Iran are in the process of arresting bitcoin and cryptocurrency miners on a large scale. The move is a threat to the entire cryptocurrency industry as it cripples its planned growth.

The condition of cryptocurrency miners in Iran is continuing to worsen as the government imposes a ban on the mining activity citing high energy consumption of the operation that have been causing power outages in the country. The poor Iranians who have been depending on crypto-mining will suffer more due to the government decision to prohibit mining during hot summer months.

Following the recent blackouts in major cities, Iran has started hunting for illegal businesses that are using the government's electricity to mine bitcoin (BTC) and other cryptocurrencies. What does this mean for the Blockchain and cryptocurrency industry?

Due to the hyperinflation of the local currency, Iran is planning to use locally mined cryptocurrency for car import.

The Iranian President, Hassan Rouhani, has urged a re-think of the national approach to the cryptocurrency mining sector.

The Iranian government has expressed its intention to apply the ‘Prevention of Commodity and Currency Smuggling’ to cryptocurrency transactions.

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.

As we welcome the year 2020, we look back to what transpired in the 12 months of 2019. In this article we shall review the countries who changed their cryptocurrency regulation most in the year 2019.