Iran legalizes cryptocurrency as a way of improving their economy

The pandemic situation has had a bad impact all over the world, not only with a high rate of mortality but also causing the economic crisis. This reality followed Iran as well. Iran found a way to solve the problem by allowing cryptocurrency as a digital currency for imports.

The Iranian government has passed new regulations by cooperating with the Central Bank government of Iran (CBI). Only legally mined cryptocurrencies have to be used for trading with other states.

Because of the strictly regulated mining of cryptocurrencies required by Iran, Intercoin would be a great facilitator for doing transactions. Intercoin is working on different types of smart contracts such as escrow contract, contest contract, and more, that will be crucial for every country to be able to implement crypto on their everyday transactions and making them secure.

Swiss passed the “Blockchain Act” and after Government pushed for cryptocurrency development many public and private sector companies in Switzerland are also experimenting with this technology. In the other hand, Estonia’s Government regards cryptocurrency as “value represented in digital form” and as an instrument to be used for payment.

Iran’s economy in the last couple years had several challenges and when the cabinet of the state started to experiment with crypto at the beginning of 2018, they decided to use it for trading with other countries and thus elevating their economy.

How do you think cryptocurrency would impact your state’s economy?

Since countries like Swiss and Estonia pushed utilization of cryptocurrency, what do you think is holding the United States from accepting crypto payments?

Do you think crypto will be scalable by 2025?

We would like to hear your thoughts in the comments below!


Great Discussion @Sara! The pandemic brought many changes in 2020 but as the economies of many countries throughout the world will be suffering in the next couple of years they will look at digital currency as a way to improve their local economy and bring more attention to Universal Basic Income as a way to help people get out of poverty.

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We have already seeing a lot of changes happening due to the pandemic on 2020 alone. I believe changes will occur sooner than 2025.