Economy, Business And Markets

Tehran Bitcoin Gains on Mining Recognition

The Iranian government has recognized cryptocurrency mining as a lawful activity as part of its effort to introduce a national cryptocurrency, which move saw Bitcoin’s price briefly spike to record levels on local exchanges. According to news agency IBENA, which is affiliated to the Central Bank of Iran, Abolhassan Firouzabadi, the secretary of Iran’s High Council of Cyberspace, stated on Tuesday that cryptocurrency mining “has been accepted as an industry by the government”. Following the country’s recognition of crypto mining, reports indicate that the price of Bitcoin on some local exchanges such as Exir peaked to over $24,000–exceeding the global average all-time high of $20,000 seen in December–while prices elsewhere were around $7,000, reported.  Data from CryptoCompare back up the reports, indicating that OTC trading prices on LocalBitcoins briefly reached as high as $25,000.


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