Bitcoin Adoption Spotlight: Iran

Iran’s parliament discussed Bitcoin yesterday, with a representative urging the rest of the govt to “take Bitcoin seriously, because if it can be managed, it can be a good opportunity for the country.”

Though this statement may not seem like much, it comes on the heels of months of progress made by Iran’s government in terms of Bitcoin adoption.

  • Earlier this year, a bill was proposed which regulates Bitcoin exchanges. Though regulation has its downsides in terms of privacy, a regulated onramp makes it easier for consumers to trust and adopt Bitcoin.
  • Iran recognized cryptocurrency mining as an official sector of its economy and has issued over 1000 permits for companies looking to set up mining operations in Iran. State-subsidized electricity under 1 cent makes Iran a particularly attractive place for miners.

Iran has encouraged the use of crypto-assets as a way to skirt around US-imposed sanctions. No matter the underlying reasons, Iran is taking a proactive approach to Bitcoin, which is good in the grand scheme of things.

If you’d like more details, check out this quick article I wrote.

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