Despite the recent collapse in the crypto markets and the recent fluctuations in the national currency caused by strengthened US sanctions, the Iranian people are reportedly still able to profit from Bitcoin.

CRYPTO SLIDING BINARY

As reported by the Atlantic Council; Ali Hosseini, a 26-year-old Iranian, and Pedram Ghasemi, his cousin, bought the Antminer S9, a Bitcoin mining equipment $ 526 two months ago. As a result, the best crypto currency was traded around $ 6,500.

This pair has shown a steady decline over the past two months with the US dollar; Despite rising up to 190,000 against the Iranian Rial, he claimed they did not see it as a loss because of the relatively low electricity prices.

Iran ranks first in global energy subsidies. Its value is 10.4 percent of the country's annual GDP. Subsidies; In addition to oil prices, this year has also increased with the decline in crude oil markets in early October. The price of natural gas, which is the main fuel for Iran's electricity production, is generally falling behind the oil in international markets within a few months.

In addition, the two suggested that ”the US dollar should fall below the 110,000 Iranian Rial and that Bitcoin should really drop to $ 2,000 for loss. Ek Instead of selling crypto mining and mining equipment, as in some businesses, Hosseini said they were planning to buy more mining equipment and that krypton was inevitably replacing nominal currency.

PROHIBITED CRYPTO MONEY

Crypto mining was legally recognized as an industry by a number of Iranian state officials in early September. On the other hand; Since the central bank of Iran was banned by the Central Bank of Iran in 2018, the crypto money trade is still banned.

According to a recent report by The Guardian; Some Iranian students in the UK use crypto to avoid US sanctions. Due to the current monetary constraints, some students say they cannot get money from home to pay tuition fees. As a result, they say their classes are suspended or they are banned from graduation.

As an attempt to support the country's economic stability, the Iranian government is considering launching its state-backed crypto currency. In late August, the Iranian National Cyber Center said the government was ready to draft a crypto-money project supported by Iranian President Hassan Rouhani.

Source: Cointelegraph