According to a Saturday article by the official IRNA news agency, the Iranian Cabinet amended legislation to redirect cryptos to the Central Bank of Iran's import funding mechanisms.
"The miners are expected to supply the original cryptocurrency to the networks introduced by the CBI directly and within the permitted limit," the CBI and the Ministry of Energy report said.
The legal limit for each miner's amount of cryptocurrency will be calculated on the basis of the level of subsidized energy used for mining and on the basis of guidelines issued by the Ministry of Energy.
With inflation there at 34 percent, Iranian money has dropped dramatically in value, a situation that has been continuing since 2018.
The nation is in the grip of U.S. sanctions, so dollars can't be used for foreign trade.
Therefore, they are turning to bitcoin, the first nation to do so at a state level, with less regard here for the popular bitcoin volatility because the situation is desperate.
Iran 's economy has been shrinking at about -10 percent a quarter for most of last year and this year, making this a depression.
After some crypto experiments beginning in 2018, however, it seems that Iran has found a useful case both in generating economic value by encouraging crypto mining and now in using bitcoin for international trade.
We've been suspecting this was their tactic for months. Now it is in black and white: by using bitcoin, Iran is bypassing the dollar and other fiat currencies.
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