Late last month, Iran Daily, the official newspaper of the country’s government, reported that the administration had amended its cryptocurrency legislation to make digital assets “exclusively used for funding imports at a time of increased pressure on the country’s normal use of hard currencies.”
In practice, this means that bitcoin and other cryptocurrencies that are mined officially under government oversight will have to be supplied directly to the Central Bank of Iran (CBI) within an authorized limit, based partially on the amount of subsidized energy that the miner uses.
“The miners are supposed to supply the original cryptocurrency directly and within the authorized limit to the channels introduced by the CBI,” per Iran Daily.
The report did not clarify how the CBI would be buying the cryptocurrency or at what rate, but it is likely that the government will be buying bitcoin at lower-than-market prices.
Read more: https://www.nasdaq.com/articles/is-iran-becoming-a-bitcoin-nation-2020-11-04