Iran Crypto Saga & US Sanction – Katoch Tubes

Iran U-turn on cryptocurrencies

What's IRAN Upto?

Recently, Iran has imported commodities using cryptocurrencies worth $10 million. Leapfrogging US sanctions

Why does it matter?

It's the first time a country used cryptos to avoid US Sanctions, Highlighting the actual use-case of crypto coins at a large scale.

Iran vs Crypto Adoption

Iran has on & off relation with cryptos. It banned crypto in 2019, mostly because of power crisis due to the excess of crypto miners in the country

Iran U-turn on Crypto

In Oct 2020, Iran allowed imports to be funded by cryptos. The coins will come directly from the miners within Iran

Iran & Crypto Miners

Iran has a licensing system for miners. The sale of all mined Bitcoin has to be deposited in Iran's national bank in which the govt. takes a cut.

Total Mining Share

Iran alone accounts for 4.5% of global Bitcoin mining. You can get an idea of how big its BTC reserve is by now.

Way forward

Iran's minister Ali Reza announced the use of smart contracts in imports.The question is, what will US do to stop  this act? Wait & Watch

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