Foreign News

Iran – Iranians flocking to Bitcoin despite authority’s warnings

Iran – Iranians flocking to Bitcoin despite authority’s warnings

Despite the efforts of the authorities, it appears that the Iranians continue to flock to the digital currency, Bitcoin.

The Economy Committee of the Iranian Parliament announced this week that the rate of bitcoin mining is reaching about 700 a day.

Given the harsh living conditions and lack of sufficient employment opportunities, for the Iranians, Bitcoin trading is an important source of income.

In addition, the Iranian State is aided by Bitcoin to circumvent international sanctions.

A monitor report by Faith Maji blog revealed that, in all, there are about 12 million Iranians investing in digital currencies.

According to various estimates, bitcoin mining accounts for between 4% and 10% of Iran’s electricity consumption. Iran ranks third in the world in terms of bitcoin mining. Many Iranian companies use this currency to import goods, as it is more difficult for the United States to monitor this area than the international financial system.

Credit: Doron Peskin