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[SCAMEXPOSER]

Iran is one country that has fully legalized and actively using bitcoin and other Crypto currencies in their activities. Bitcoin.com recently revealed that Iran has reviewed it Crypto law recently which now direct that all miners should sell their Crypto currencies to Central Bank of iran, this is enable the government to fund imports.

A Crypto analyst Alireza Shamkhi has however critcise the law as been ambiguous as it didn't state the Crypto to dollar or rial exchange rate which will give the miners a clear picture of the whole thing.

 

[Wisdom01]

I think this is an avenue for the government to gain through tax and gets more revenue ,and this might discourage miners because when selling it to central bank of Iran the government will deduct their fees

 

[mahdi304]

that's really not good if that's the case then they might buy it with government dollar to rial the market price is currently around 7.5 times higher

 

[Wisdom01]

that's really not good if that's the case then they might buy it with government dollar to rial the market price is currently around 7.5 times higher

The government would sell it at their own rate and not the normal value of their currency thats how it going to be calculated , its favouring the government more

 

[mahdi304]

The government would sell it at their own rate and not the normal value of their currency thats how it going to be calculated , its favouring the government more

that would actually be horrible since the hardware is most likely bought at market rate.
also the warehouses cost more due to the increase in dollar price.

 

[Wisdom01]

that would actually be horrible since the hardware is most likely bought at market rate.
also the warehouses cost more due to the increase in dollar price.

With the electricity cost been paid the expenses would be too much except the government is giving it for free , some people might just give up in mining

 

[Niftyicon]

I think that is why the Iranian government took over building of mining rigs and the electricity involved. This gives them almost absolute power over the earnings of the miners.

 

[Wisdom01]

I think that is why the Iranian government took over building of mining rigs and the electricity involved. This gives them almost absolute power over the earnings of the miners.

Oh i saw a post regarding such i never knew they had future plans like this , i think everything was done just to get tax and more revenue

 

[Niftyicon]

Oh i saw a post regarding such i never knew they had future plans like this , i think everything was done just to get tax and more revenue

Yeah, I also didn't read so much into that news when I read it until I saw this. The intention has become way clearer now.

 

[Yugocean]

Covid destroyed Iran's economy, so it is trying to get some sources of income, in market now 1 USD costs more than 42k Iranian Rial. And one Bitcoin equals 569259600 Rial. Cryptocurrency income is under their consideration.

 

[Wisdom01]

Covid destroyed Iran's economy, so it is trying to get some sources of income, in market now 1 USD costs more than 42k Iranian Rial. And one Bitcoin equals 569259600 Rial. Cryptocurrency income is under their consideration.

That means the currency was badly affected but before the pandemic what was the initial price i would have love to know , because the rate is too much

 

[Yugocean]

That means the currency was badly affected but before the pandemic what was the initial price i would have love to know , because the rate is too much

It wasn't good in 2019 either, Iran is spending money out of country to combat Israel, and there was no good business, so it was 42k even then. Now in Covid they do not have anything else, and still need money to gain.
Perhaps there are many plans by Iran.

 

[Wisdom01]

It wasn't good in 2019 either, Iran is spending money out of country to combat Israel, and there was no good business, so it was 42k even then. Now in Covid they do not have anything else, and still need money to gain.
Perhaps there are many plans by Iran.

Yeah i have heard cases like iran war in the past maybe properties lost and everything weaken the country economy to a very large extent, their next plan should be crypto

 

[Josemendez]

Iran is one country that has fully legalized and actively using bitcoin and other Crypto currencies in their activities. Bitcoin.com recently revealed that Iran has reviewed it Crypto law recently which now direct that all miners should sell their Crypto currencies to Central Bank of iran, this is enable the government to fund imports.

A Crypto analyst Alireza Shamkhi has however critcise the law as been ambiguous as it didn't state the Crypto to dollar or rial exchange rate which will give the miners a clear picture of the whole thing.

This to me is for them to have a little control on the coins mined as they will buy the coin at a cheaper rate from the miners who will have to sell at such lower rate in order to keep Mining in the country

 

[Wisdom01]

I thought the post said they will sell to the government then that means they will have to buy at any price stipulated by the government since they need money

 

[Yugocean]

I thought the post said they will sell to the government then that means they will have to buy at any price stipulated by the government since they need money

Decentralized networks and crypto exchanges of other countries cannot be controlled. But of course A law decideds that what Govt or their bank will decide, is final. Don't think they planned foolproof, there is always loophole in such law, they can only legalize and decide price in their country.

 

[mahdi304]

42k rial? HAHAHA that's actually funny no no that's the government price of rial to dollar ratio we normally use tomans now but in rial the market rate is basically hovering around 280K rial for a dollar just google iranian rial to dollar black market rate

 

[mahdi304]

(btw the rates are in tomans basically you just remove a zero in rial to get the toman ammount for example 42k rial is 4200 toman)

 

[Yugocean]

42k rial? HAHAHA that's actually funny no no that's the government price of rial to dollar ratio we normally use tomans now but in rial the market rate is basically hovering around 280K rial for a dollar just google iranian rial to dollar black market rate

No, it is not 280k, in Iran's free market the value is 28k.
Sure they are buying and selling price there, but from where there is 280k? Google do not have any such result.

If Toman is the real currency, then it is different value.

 

[mahdi304]

No, it is not 280k, in Iran's free market the value is 28k.
Sure they are buying and selling price there, but from where there is 280k? Google do not have any such result.

If Toman is the real currency, then it is different value.

280k in rial and 28k in tomans i live in iran i already said that to convert from rial to toman you just remove a zero and we do use rial but not as much anymore