Iran Launches National Bitcoin Mining Plan: Report

Iran launches a national Bitcoin mining plan as the industry gains more attention and more governments try to form different mining strategies. In the latest Bitcoin news today we can see that Iranian President Hassan Rouhani is trying to implement a national strategy for the crypto mining but the details have not been released yet.

According to an ARZ Digital report earlier this week, Rouhani made these comments in front of the Central Bank of Iran officials along with a few ministries that are keen on Bitcoin mining as well as the Department of Energy and Information. The strategy will involve the regulation of private mining operations and the management of crypto mining revenue which will help governments to tax Bitcoin from the miners. The idea about this is not a clear year but Crypto Twitter postulated that this is a huge move ahead to increase Iran’s dominance in the Bitcoin space to prevent the capital from Iran bleeding out.

Max Keiser, the former Wall Street trader and big bitcoin supporter, believes that Iran’s move towards a national Bitcoin mining plan will spark a theoretic response from other nations and will inevitably drive the price higher:

 “Bitcoin is unconfiscatable, uncensorable, digital Gold (but better), and going to $400,000.’’

The U.S Department of the Treasury Office of Foreign Assets Control took action against the Iranian individuals by blacklisting their Bitcoin addresses. The individuals were involved in a ransomware scheme that created thousands of Bitcoin according to the Treasury. The New York Times reported that Trump’s administration and the Treasury were looking at crypto as a threat especially in regards to sanctions:

 “We are about to roll out some significant new requirements… We want to make sure that technology moves forward; on the other hand, we want to make sure cryptocurrencies aren’t used for the equivalent of old Swiss secret number banking.”

As Iran launches a national Bitcoin mining plan and is aiming to control Bitcoin mining but China is once again looking to shut down crypto mining entirely. The Chinese government announced the launch of an Asian-focused cryptocurrency that will enhance trade between China, Korea, and Japan:

 “The Financial Administrative of the Sichuan province of China has issued a notice to its subordinate offices ordering them to ‘guide [Bitcoin and crypto] mining entities to end their mining activities in an orderly manner’.”