Iran Legalizes Cryptomining, Moves Toward National Cryptocurrency Timelines: Geld-Bitcoin, Geld-Petro-Crypto

Iran appears to be loosening its restrictions and jumping on the cryptocurrency bandwagon. The country’s recent move to legalize cryptomining seems to be another step toward creating a state currency based off the blockchain.

According to IBENA, an Iranian finance-focused news agency, which spoke to Firouzabadi, the country is hoping to use crypto to trade with partners and friendly countries to reduce the impact of US sanctions on its economy. The crypto will be issued by the central bank.