Why Bitcoin Miners Are Fleeing China for Iran

Mounting cryptocurrency regulations have some Chinese bitcoin miners fleeing the world’s second-largest economy. Their surprise destination? Iran.

According to the Managing Director of the Iran Blockchain Association, Mohammed Sharqi, talks have already started between interested parties.

While bitcoin mining is technically recognized as an industry, the deputy governor for new tech at Iran’s central bank has said that bitcoin trading is not legal in the country. The bank also banned lenders from providing services to crypto businesses – after which reports revealed the bank was considering launching a digital coin of its own.

Until last month, the crypto mining industry had experienced relatively smooth operations without unnecessary sanctions or too much meddling from Iran’s government.

Reference: https://www.ccn.com/news/bitcoin-miners-flee-china-iran/2019/07/10/

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Author: Neo Anderson

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