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Iran announced on Wednesday the inauguration of the first Bitcoin exchange machine in an official ceremony and in the presence of officials, with the aim of encouraging work to extract these currencies due to the impact of sanctions and the financial embargo imposed on the country.
Iranian news agency “IRNA” reported that this device was manufactured locally, and quoted Ali Zanjani, director of the “Blockchain Center in Iran”, as saying that “this device is third generation and can mine all kinds of Bitcoin “.
He also said that “the device is capable of performing buy and sell transactions through digital currencies”, adding that “the device can convert all kinds of digital currencies into bags of digital currencies.”
A report on the Center for Strategic Studies of the Presidency of the Republic of Iran in January 2021 titled “Analysis of the cryptocurrency mining policy in Iran and making proposals” recommended the use of the currency “crypto -currency “to increase government revenue and circumvent sanctions.
The report said that cryptocurrency mining could be profitable in many areas of the economy, as it is estimated that if the government gets into this seriously, it could earn $ 2 million per day and $ 700 million per year. .
In addition, the Iranian government will receive up to $ 22 million in annual revenue from Bitcoin transaction fees.
Increase employment opportunities
The report also states that the shift to the digital currency market and bitcoin mining in Iran will increase employment opportunities, as cryptocurrency mining devices have a basic need for electricity, and for every megawatt of electricity consumed, about 9 people have a direct employment opportunity.
If large mining operations are established, the need to employ more manpower will increase for surveillance and maintenance (repair of faulty devices), guard, electrical engineers and technical staff associated with equipment and services. software.
Therefore, the center recommends that decision-makers “develop internal regulations and a roadmap to encourage the establishment of large mining operations.”
Cash flow flexibility
On the other hand, the report states that the organized cryptocurrency activity in Iran will reduce the need for people to buy digital currencies and thus may facilitate the exit of the currency from the country and be a good alternative to the exchange of riyals and hard currency.
New export markets
Other strengths in the use and mining of cryptocurrencies, according to the report, include improved export of technical and engineering services related to the production of cryptocurrencies, and “the possibility of ‘attract foreign investment and reduce the need for foreign currency’.
Bypass sanctions with Bitcoin
The report highlights the ability of Bitcoin in particular to circumvent sanctions imposed on Iran, as it cannot be easily tracked, especially the newly mined currency as it is superior to traditional Bitcoin currencies in terms of its use in trading. international, according to the report. of the Center for Strategic Studies in Iran.
The report also claims that cryptocurrency mining improves “efficiency in the electricity industry”, “power generation capacity” and “balances the consumption and production of electricity.”
Bitcoin
He said that “the Iranian economy is not able to easily sell oil and gas under sanctions, but by establishing production farms for cryptocurrencies, it reduces electricity losses and converts gas in cryptocurrencies, which will generate a lot of income for the economy during the sanctions period.
Mass extraction
Ultimately, the report recommends that the government adopt a policy of “flexibility” vis-à-vis cryptocurrencies and authorize the process of “mass mining” of cryptocurrencies in Iran if possible, and authorize the establishment of mining device farms near power plants.
Double standard and damage
For years, Iranian officials have resorted to all kinds of tricks to circumvent international sanctions and provide adequate funding to run the country. But at the same time, the government is banning citizens from mining digital currencies.
And published numerous reports on the intensive activities of foreign investors in the field of cryptocurrency mining, in cooperation with the Revolutionary Guards and other government agencies, in various Iranian cities, including with the participation of Chinese investors.
Voices have been raised against the damage caused by digital currency mining operations, especially with regard to the destruction of the country’s electricity industry infrastructure on the one hand, as many cities have experienced de long periods of power cuts due to the establishment of mining farms with Chinese participation.
Human rights organizations have also criticized environmental pollution resulting from the excessive use of electricity in mining operations and the use of poor quality fuel oil to generate more electricity and avoid power outages, which has led to a significant increase in air pollution in major Iranian cities. .
the end justifies the means
But analysts believe that the Iranian government’s poor economic situation has caused the Iranian regime to ignore the obvious shortcomings of cryptocurrency mining and increase labor on a large scale, to make up for the internal financial deficit and circumvent sanctions and buy prohibited products, in particular. those used in nuclear and missile programs.
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