Ryze Recap 6/3: Iran Doubles Down on Bitcoin
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It’s Wednesday, June 3rd. We’ve got one quick snippet for you today.
Iran Doubles Down on Bitcoin
The Iranian Parliament discussed Bitcoin today, with a representative compelling Iran’s Central Bank Governor to “take the issue of Bitcoin seriously, because if it can be managed, it can be a good opportunity for the country.” Over the past few months, Iran’s government has paid more and more attention to Bitcoin.
Recent government action:
In May, a bill was introduced that regulates crypto-asset exchanges under foreign exchange laws. Regulation can lead to safer, more trusted conduits into Bitcoin, ultimately lowering the barrier to entry for consumers.
Earlier this year, Iran issued over 1,000 permits to firms mining Bitcoin, with the intent of regulating its burgeoning mining industry. Cheap state-subsidized electricity costs make Iran a lucrative place for miners. Most Bitcoin mining currently occurs in China and the US, but countries like Iran are vying for a slice of the pie. Check out our exclusive report on the Bitcoin Halving and the mining industry for more.
Why it matters:
Iran’s government has encouraged the use of Bitcoin and other crypto-assets to subvert sanctions imposed by the US. Iran views cryptocurrencies as a way to challenge and overcome a global financial and economic regime dominated by the US.
Whatever the underlying reasons may be, Iran is on the path to greater Bitcoin adoption. Iran has faced record-high inflation since 2019, and Bitcoin’s value as digital gold is evident. Lawmakers encouraging regulation to support a growing ecosystem, rather than stifle it, is always a great sign.
That’s all for today, we’ll be back tomorrow with another Ryze Recap.