The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Iran Joins Embattled Economies Turning to Bitcoin and Crypto

by Daily Hodl Staff
September 6, 2018
in Bitcoin

Iran has approved cryptocurrency mining as an industry. Iran’s Supreme Council of Cyberspace issued a statement through the central bank’s media outlet IBENA that the bank will establish the framework and all final policies for crypto-related businesses.

“Secretary of Iran’s Supreme Council of Cyberspace stressed that cryptocurrencies mining like bitcoin has been accepted as an industry in the government and all related organizations to the mining such as Ministry of Communications and Information Technology, Central Bank, Ministry of Industry, Mining and Trade, Ministry of Energy, as well as Ministry of Economic Affairs and Finance have agreed it, but the final policy for legislating it hasn’t been declared yet.”

According to the report, Secretary Abolhassan Firouzabadi added that “launching the national cryptocurrency is promising and can be used as a financial transaction instrument with Iran’s trade partners and friend countries amid economic pressures through U.S. sanctions.”

[the_ad id="42537"] [the_ad id="42536"]

Iran, like Venezuela, is attempting to use digital assets and cryptocurrencies as a means of escaping US sanctions. Its government-backed digital token is currently in development. Pegged to the rial, Iran’s new digital asset is based on the Hyperledger Fabric Platform and will be used to settle domestic and global SWIFT transactions.

The rate of inflation in Iran is uncertain, due to questionable data, but reports peg it at roughly 18%, with surging economic woes and ongoing struggles to pay for everyday items.

Iran joins Venezuela and Turkey in posting recent record lows for their national currencies. Iran’s rial just surpassed the record-breaking point of 120,000 against the US dollar.

Last month Venezuela announced the roll-out of its oil-backed, government-sponsored digital asset, the Petro, as a means of combating the country’s hyperinflation and economic collapse.

At time of writing, Turkey exchange Koinim is reporting a 46% increase in Bitcoin trading volume. Data from CoinMarketCap also shows that BTC trading volumes on Paribu increased 100% while volumes on BTCTurk are up 42%.

Like Argentina’s currency, Turkey’s lira has fallen this year by nearly half, and Venezuela’s currency has lost almost all its value in a spiraling case of hyperinflation.

Reports the AP,

The dollar’s rise makes debt denominated in dollars more expensive to service, a particularly big concern in Turkey and Argentina, where a lot of loans were taken out in foreign currencies.

Falling local currencies can also prompt foreign investors to pull money out of emerging market stocks and bonds. The MSCI Emerging Markets index is down around 15 percent from its peak this year. The retreat by foreign investors only accentuates the currency rout and piles pressure on central banks to raise interest rates, which in turn pinches growth.

Despite Bitcoin’s intense volatility, people around the world see cryptocurrency as a hedge against embattled fiat currencies.

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Bitcoin.com’s VERSE Token Now Available for Trading on Kucoin
    May 29, 2023
  • Huobi Set To Launch Trading Service in Hong Kong
    May 26, 2023
  • Stably Launches #USD As the First BRC20 Stablecoin on the Bitcoin Network
    May 25, 2023
  • The Open Network (TON) Unveils DeFi and Data Analytics Hackathon in Collaboration With DWF Labs and Amazon Web Services
    May 25, 2023
  • Ankr Partners With Mirage To Revolutionize the Web 3.0 Gaming Landscape
    May 25, 2023
  • Tulipart.com Launches a Collection of Tulip NFTs Minted Daily Over Seven Years
    May 24, 2023
  • Binance Futures Grand Tournament Returns
    May 24, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,659.41
$27,659.41
0.58%
Ethereum
$1,898.77
$1,898.77
0.07%
Cardano
$0.375745
$0.375745
0.64%
XRP
$0.497129
$0.497129
3.18%
Dogecoin
$0.072321
$0.072321
1.49%

Spotlight

  • Top Crypto Analyst Says One Catalyst Will Keep Litecoin ‘Propped Up’, Updates Outlook on Bitcoin and Ethereum
    May 27, 2023
  • $30,000,000,000 Exits US Banking System in One Week As Deposit Flight Grows
    May 27, 2023
  • China To Settle $582,300,000,000 in Yuan Worldwide Amid Push to Circumvent US Dollar: Report
    May 27, 2023
  • Analyst Known for Calling Bottoms Predicts 2019-Style Bounce for Bitcoin (BTC) – But There’s a Big Catch
    May 28, 2023
Coinfest Asia Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl