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Authorities in Iran have shut down close to 7,000 unauthorized facilities for cryptocurrency mining in the past two years, local media revealed. According to a report, most of the illegal bitcoin farms were concentrated in five provinces of the Islamic Republic, including Tehran. Iran Continues Crackdown on Unlicensed Cryptocurrency Mining Iranian officials have unplugged and … Read more
Nations like Russia and Iran may utilize cryptocurrency mining to monetize their energy resources and circumvent sanctions, the International Monetary Fund predicts in a report. Repercussions of the war in Ukraine continue to reverberate globally and cryptoization is one of the effects, the IMF says. War, Sanctions Lead to Wider Spread of Crypto Assets, Report … Read more
Iran has drafted new rules to increase penalties for illegal cryptocurrency mining in the country, including additional fines and imprisonment. “Any use of subsidized electricity intended for households, industrial, agricultural, and commercial subscribers for mining cryptocurrency is prohibited.” New Penalties for Illegal Cryptocurrency Mining in Iran An official with Iran’s Power Generation, Distribution, and Transmission … Read more
The fines will reportedly triple compared to current rates, while repeated violations will lead to jail time. Go to Source Powered by WPeMatico
Iran will not recognize cryptocurrencies as a means of payment, a high-ranking government official has indicated. His statement came as the Central Bank of Iran announced rules for the issuance of digital coins in the country. These are meant, however, for its own “crypto rial,” the pilot phase of which should start in the near … Read more
If Western sanctions ramp up, CEXs may be forced to ban all Russian users from using their services, as they have previous done in Iran. Go to Source Powered by WPeMatico
Decentralized networks such as Bitcoin’s don’t know national allegiance, they only know math. And when you’re trying to get your savings out of an ATM, or send a payment to relatives in a war-torn environment, someone else’s politics is the last thing you want standing in the way of you and your loved ones’ well-being … Read more
The world’s largest NFT marketplace has confirmed that it blocks users based on the U.S. sanctions list. Go to Source Powered by WPeMatico
With the conflict between Russia and Ukraine, many observers are curious about the large quantity of hashrate located in Russia, as the region reportedly controls the third-largest sum of SHA256 hashpower worldwide. Furthermore, on February 24, the ethereum mining operation Flexpool announced it has halted services to Russia entirely. “We apologize to our Russian miners; … Read more
While the central bank announced its intention to launch a CBDC, exact details are still scarce. Go to Source Powered by WPeMatico