Iran Okays Turkey-based iMiner to Mine, Trade, & Custody Bitcoin; Ditches Rial and Four Zeros

TL;DR: Turkey-based firm iMiner was formally licensed to mine, trade, and offer custody of bitcoin in the country of Iran, according to a company blog post. “The charter issued by Iran’s Ministry of Industry, Mine and Trade will allow the company to operate with a computing power of 96,000 terahash per second at a bitcoin mining farm in the central city of Semnan,” a state-approved news website explained.

Iran Ministry of Industry Okays Turkey-based Company iMiner

Perhaps it’s a sign of Iran’s internal politics and business relations, but the Turkey-based company iMiner did not, it appears, write its own press release regarding rather momentous news. Instead, it cited Tabnak, one of more than a dozen and a half officially sanctioned information online sources.

“According to Tabnak,” for example, “the bitcoin mining farm set up by iMiner with 311 billion rials ($7.3 million) of investment is the biggest in Iran, where 6,000 machines will be producing cryptocurrencies.” The article continues, referring to itself in the third person, “The official website of iMiner introduces it as ‘one of the first and most reputable’ companies offering custody and other back-office services in Turkey, Russia, Canada and the United States.”

“… the license states that Afrand Sheid Mehr, the owner of the iMiner brand, is allowed to extract the currency code …” 

Cryptocurrency in the Islamic Republic of Iran is a mystery to much of the West. Press outlets in the English-speaking world are often filled with tales of its government seeking refuge from international sanctions tightened during the Trump administration. It’s very difficult to know what its more than 80 million people are allowed to do, or dare to do, with regard to crypto. The iMiner license provides slightly more clarity in this regard.

Clearly, however, sanctions are having a grave impact. Recently. the Central Bank of Iran officially changed its fiat currency unit from the well-known rial to the toman, eliminating four zeros in the process under a proposed two-year transition in order to perhaps jump-start its economy. “Furthermore, the minor monetary unit of the new currency will be the ‘parseh.’ So, as per the newly ratified law, 10,000 rials will be equal to 1 toman and each toman will be equal to 100 parseh,” an English-speaking outlet reported.

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