Iran recently declared that they will start to consider cryptocurrency mining as an industry. This comes after increased pressure on the nation by the economic sanctions enforced by the United States. In the midst of this bullish news, the cost of Bitcoin [BTC] was around $24000 on some Iranian exchanges.

Currently, Bitcoin is trading at $25,887 in Iran, more than $18,500 above the current bitcoin global price of $7,300.

The exchange platform Exir detailed a cost of 1,020,000,000 IRR for 1 Bitcoin, bringing the estimation of the coin over its past untouched high of $20000. The cost of Ethereum was additionally swelled to be around $900, contrasted with its present cost of $280. Exir tweeted about the same:

The Iranian foreign exchange and finance regulator, the Central Bank of Iran, is set to draft a framework of policies for the recently made industry of cryptocurrency mining. As indicated by Iran’s Supreme Council of Cyberspace’s Secretary, Abolhassan Firouzabadi, the policy is set to be drafted in the next 18 days.

He said in an announcement to IBENA that starting a national cryptocurrency is promising. He additionally expressed that it indicated guarantee in being utilized as a financial transaction instrument with Iran’s trading partners and companion nations. This is because of the rising economic pressures through U.S. sanctions.

He likewise included that the mining of cryptocurrencies has been acknowledged as an industry by numerous legislative and related authorities. The rundown incorporates the Ministry of Communications and Information Technology, Central Bank, Ministry of Industry, Mining and Trade, Ministry of Energy and the Ministry of Economic Affairs and Finance.

The sudden price explosion may even be due to the lower confidence as the Iranian money has effectively crashed in the recent years and its value against the US dollar by almost 80%.

With the consideration of Cryptocurrency mining as industry and soon legalizing the crypto exchanges and also having announced the nation’s plan to launch its own national cryptocurrency, there would’ve been quite a wide-spread awareness in Iran. Especially, when the President of Iran is also involved in some way in the matter.

The full-fledged operations might take some time. But it clearly indicates that the Iranians are all set to get their hands on the cryptocurrencies.

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