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FinancialNews


  • 23-05-21

    Iran to use cryptocurrencies to buy imports, reduce impact of sanctions

    (MENAFN)According to a new study, some 4.5 percent of all bitcoin mining takes place in Iran, permitting the country to gain hundreds of millions of dollars in cryptocurrencies that can be applied to buy imports and reduce the affect of sanctions.

    Figures from blockchain analytics firm Elliptic showed that at its current level of mining, Iran’s bitcoin production would reach to revenues close USD1 billion a year.

    Iranian officials could not be reached for comment right away.

    The US forces an almost total economic restriction on Iran, including a bar on all imports including those from the country’s oil, banking and shipping sectors.

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