Muslim Nations Float the Idea of Common Cryptocurrency to Counter USD

Muslim Nations Float the Idea of Common Cryptocurrency to Counter USD

Participating members of the Kuala Lumpur Summit last week have proposed a united cryptocurrency for Muslim nations. The key idea behind such a digital asset would be to manage and administer financial resources without relying too much on the U.S. dollar. The Iranian president, Hassan Rouhani, speaking at the Kuala Lumpur Summit 2019 round-table session said about the idea of a Muslim digital currency: “In the past, Prime Minister Dr. Mahathir Mohamad was seeking to…

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Iran Proposes Rewards to Informers Against Illicit Crypto Mining

Iran Proposes Rewards to Informers Against Illicit Crypto Mining

Iran has introduced a new policy, proposing that anyone who shares information about illegal and unauthorized mining of cryptocurrency in the country will receive a bounty. This was surfaced following the country’s new introduced regulations regarding the calculation of price of electricity that is utilized by crypto miners. Iran’s Energy Ministry’s spokesperson announced that anyone who will go on record and expose people who have wielded electricity for the mining of digital currencies will receive…

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Iran Officially Acknowledges the Crypto Industry, Allows Cryptocurrency Mining

Iran Officially Acknowledges the Crypto Industry, Allows Cryptocurrency Mining

Iran has recognized cryptocurrency as an official currency and has approved a mechanism for digital coin mining to bring the growing crypto mining farms under the law in the country. “A mechanism to mine digital coins was approved by the government’s economic commission and will later be discussed at a cabinet meeting,” said Central Bank of Iran (CBI) Governor Abdolnaser Hemmati on Sunday. Iran has tried to suppress cryptocurrency mining for months as many people…

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The Iranian Cabinet Mulls Over Electricity Tariffs on Crypto Miners

The Iranian Cabinet Mulls Over Electricity Tariffs on Crypto Miners

Homayoun Ha’eri, Iran’s deputy energy minister for power and electricity, recently announced that the Economic Commission of Iran has confirmed power tariffs for cryptocurrency miners, Financial Tribune reported on July 21st. These tariffs will be the same as the ones used for electricity exports. However, the decision remains pending as the nation’s cabinet hasn’t approved it yet. The rates finalized by the commission were not particularized by the minister. According to him, the electricity export…

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Iran vs Bitcoin Mining: Confiscates 1,000 Crypto Mining Machines after Electricity Rise

Iran vs Bitcoin Mining: Confiscates 1,000 Crypto Mining Machines after Electricity Rise

The authorities in Iran have seized roughly 1,000 Bitcoin mining machines from two former factories, as reported by local TV reporters. The actions clearly indicate that the government is highly concerned about the increased consumption (7% in June) of electric power which is illegally used by crypto miners from buildings and factories that enjoy lower per unit cost of electricity. Recently, a spokesperson of Iran’s Ministry of Energy, Mostafa Rajabi Mashhadi said that the country’s…

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Iran Cracks Down on Cryptocurrency Miners: “Making the Grid Unstable”

Iran Cracks Down on Cryptocurrency Miners: “Making the Grid Unstable”

With concern to electricity consumption, Iran has recently claimed that increased cryptocurrency mining activities have resulted in up to seven percent increase in the country’s monthly electricity consumption. Mining cryptocurrencies such as Bitcoin requires plenty of computing power that, in turn, requires a greater consumption of electric power. When it comes to Bitcoin, more than 80% of the popular cryptocurrency is already mined which means that mining the rest of the Bitcoins will require an…

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Iran Launches ‘PayMon’ – A Gold-Backed Cryptocurrency

Iran Launches ‘PayMon’ – A Gold-Backed Cryptocurrency

After staunch rumors, Iran has launched a gold-backed cryptocurrency called ‘PayMon’ in cooperation with four local banks and Ghoghnoos Company. The banks partnered are Bank Pasargad, Persian Bank, Bank Melli Iran, and Bank Mellat. It has been reported that PayMon (Persian for covenant) will be used to issue tokens tied to gold. PayMon will also be used to tokenize the bank’s excess properties and assets. Viliollah Fatemi, Ghoghnoos director said: “The token can function like…

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Iran’s State-Backed Cryptocurrency Is Set to Launch in the Near Future

Iran’s State-Backed Cryptocurrency Is Set to Launch in the Near Future

What started out as a test of how much blockchain technology can offer could turn out to be all that Iran needs to mitigate the aftereffects of being bolted out of the global financial system. Before the U.S. sanctions which barred most of Iran’s banks from SWIFT, the Iranian government was already making active efforts to create a financial system that could help strengthen their dying economy. Being excluded from SWIFT means that Iran could…

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Iran Forbids Collaboration with Telegram’s Cryptocurrency: “An Action against National Security”

Iran Forbids Collaboration with Telegram’s Cryptocurrency: “An Action against National Security”

If there’s something that authoritarian regimes hate is a certain influential element over which they have no control. Cryptocurrency certainly fits that description, and this is why autocratic governments attempt either to have some sort of command over it or to utterly prohibit its usage. Such is the case with the dictatorial regime of Iran. Javad Javidnia, Iran’s Secretary of Criminal Content Definition Task Force, has imparted that any type of collaboration with Telegram in…

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Time Magazine: Bitcoin Is Key to Freedom for Citizens of Countries Under Authoritarian Regimes

Time Magazine: Bitcoin Is Key to Freedom for Citizens of Countries Under Authoritarian Regimes

According to an article published by Time Magazine, an award-winning New York-based media outlet which has given rise to multiple media outlets since its creation in 1923 and established the formats followed by most US magazines, Bitcoin could be used as a medium to escape strict financial controls imposed by the government of countries operating authoritarian system of government. This was opined by Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation in an…

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