Iran news

Deputy for Management Development and Resources at the Vice Presidency for Science and Technology Iran looks into blockchain to help grow their economy. Recognized mining as an industry. Will develop a national cryptocurrency.

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Iran Officially Legalizes Crypto Mining

The Iranian government recently approved digital coin mining. The announcement which was made on July 2019 by the country’s Economic Commission, has prompted authorities to find ways to control crypto mining within its current legal structures. Thanks to the country’s reduced electricity costs, mining has been thriving even before it was officially legalized. Mining Electricity Costs A Study conducted by Crescent Electric Supply Company found the cost of mining 1 Bitcoin to be as low as $3,217.  However, energy spokesperson Mostafa Rajabi reported a 7% power consumption surge the previous month as a result of the numerous mining farms around the Islamic republic. Homayun Haeri, the deputy in charge of electricity & energy in the Ministry of Energy mentioned that government ministers would discuss an initiative to enforce an electricity charge for these farms. Haeri recently opposed government subsidies saying that mining companies should pay their electricity bills in real prices. This is considering Iranian authorities use nearly $1 billion per year on power subsidies. According to Abdolnaser Hemmati, the Governor of the Central Bank of Iran (CBI), the accepted mining mechanism will face further scrutiny at a cabinet meeting. Hemmati further argued that the country’s currency miners should build the local economy instead of releasing mined Bitcoins overseas. What’s more, he maintained that mining should be hinged on electricity export prices. At the moment, electricity exports stand between $0.7 and $0.10 per kW⋅h. Bitcoin miners, however, only pay $0.05 per watt which is the charge for agricultural and industrial enterprises. At a past sitting, Iran’s economic commission chairperson Elias Hazrati stated that cryptocurrency should be acknowledged as an official sector so that the country can enjoy tax and customs proceeds. The commission has already developed a tariff plan that matches crypto mining with electricity export costs. Though Energy docket Deputy Homayun Haeri, didn’t reveal the exact figures, he mentioned that export prices depend on several factors, for example, Persian Gulf fuel costs. Mining Farms Closed In June 2019, the Iranian authorities had shut down mining companies over a spike in electricity consumption.  For a while, the government had not declared its official position on currency mining. Not long ago, Energy ministry representative Mostafa Rajabi attributed the power instability facing consumers to crypto mining. This statement followed the closing down of two mining farms in Yazd. Situated in deserted factories, the farms had close to 1000 mining machines. Rajabi recognized that the energy for mining a single Bitcoin could power 24 households for one year. Some mining entities operated inside schools and mosques where electricity was free. Not only that, Kamil Brejcha, a Cryptocurrency Miner confessed to installing mining rigs beside his greenhouses to utilize the cheap electricity he got for running an agricultural station. Foreign Investors In response to high electricity costs and stringent policies in China, many Chinese crypto miners are moving to Iran as well as other destinations like Canada, USA, Thailand, Iceland, Cambodia, Southeast Asia, and Vietnam. Nima Dehqan, an analyst at blockchain startup Areatak said that his firm was in consultation with foreign investors over mining in Iran. According to Dehqan, these investors hailed from countries like Ukraine, France, Spain, and Armenia. He went ahead to mention his company’s agreement with a Spanish stakeholder to establish mining farms in the country. The project would take place in three phases namely, testing, building infrastructure, and gathering additional foreign investors. The deteriorating economy in conjunction with the unstable Iranian currency has prompted citizens to adopt digital coins. As such, crypto-mining not only keeps money within the country but also creates currency as sanctions continue to rock the country. Crypto Usage Although Iran has given the go-ahead for crypto mining, it is not clear whether authorities will change their previous stand on cryptocurrencies as a means of local payments. Just recently, the central bank of Iran released a draft framework exploring crypto legality and welcomed reactions from the public. While some are happy with the draft, the majority of the local crypto community do not approve of the specifics. This is because they feel the framework threatens the freedom of individuals and businesses in the digital market when executed in its present form. One of the activities the draft seeks to ban is the use of digital currencies for local payments. Likewise, it authorizes crypto exchanges to get permits, therefore, creating an avenue for the government to charge rent. Another reason why local communities are against the proposal is the excessive use of the word “forbidden” which presents the danger of criminal prosecution. In a bid to rectify these clauses, community members compiled their suggestions into a document and sent it to the CBI. From about three dozen participants, the 13-page draft document was found to have a total of 51 problems. So far, only two Iranian citizens have been put on OFAC`s sanction list. In 2018, Ali Khorashadizadeh together with Mohammad Ghorbaniyan faced OFAC’s sanctions for allegations of promoting the SamSam ransomware payments. The two were accused of standing for two cyber-criminals that had hit more than 200 entities in a hacking scheme that lasted nearly three years. Though Ghorbaniyan owns up to enabling the payments, he denies knowing the source of these funds. The Iranian government therefore needs to scrutinize the suggestions from the community members in a bid to enforce fair laws for mining entities and stakeholders in the wake of the country`s crypto mining approval.   Featured image via BigStock.

Iran’s Flood Victims to Receive Bitcoin Donations via IranRescueBit

Volunteers in Iran have launched a blockchain-based platform named IranRescueBit, to enable well-meaning individuals to send bitcoin (BTC) and altcoin donations to flood victims in the country amidst the current international sanctions imposed on the nation by the Donald Trump administration, reports Aljazeera, August 14, 2019.  Iran’s Flood Victims Hoping on Cryptos  Per sources closeRead MoreRead More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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Iran And Its Bitcoin Trading Problem

Recent reports show that cryptocurrency miners have increased Iran’s energy consumption by around seven percent. Even so, the government in Iran has been very understanding...

Cryptocurrency relief campaign aims to aid Iran’s flood victims

Iran experienced one of the worst floods in history this March which continued till April. The country received its heaviest rainfall in 70 years, flooding 28 provinces and killing 76 people. The catastrophic floods caused an estimated $2.5 billion in damages to the infrastructure. The country suffered further in relief attempts due to trade sanctions […] The post Cryptocurrency relief campaign aims to aid Iran’s flood victims appeared first on AMBCrypto.
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Stand Aside Libra, Binance’s ‘Venus’ is the New Sheriff in Town

Ever since Facebook unveiled its Libra cryptocurrency, the project has encountered regulators’ wrath across the world. However, governments, crypto exchanges, and institutions think that Libra is a great idea and they are now developing their local tokens to rival Libra. The People’s Bank of China is reported to be developing a token that will encroach the market that Facebook targets. The latest entrant into this race is Binance. This top crypto exchange announced that it will launch an open blockchain project dubbed ‘Venus’. The project aims to develop localized stablecoins throughout the world. In an official announcement published on August 19, the exchange said that it is perfectly positioned to launch such a currency ecosystem. The move comes in the wake of its existing public chain technology, Binance Chain. The public chain comprises of a wide user base and an already existing global compliance measures infrastructure. Leveraging Already Active Know-how Binance announced that it is looking for partnerships with corporations, governments, technology firms, and other blockchain and crypto projects. It aims to develop a new currency ecosystem that will empower the developed and developing nations. Furthermore, the exchange’s vision for its Venus project is to create a new open alliance and sustainable community. The community is meant to accept and enlist all partners who have influence globally. According to the announcement, Binance Chain already supports multiple native asset-pegged stablecoins. Some of the stablecoins that it runs include the Binance BGBP Stable Coin (BGBP) that is pegged to the British Pound and the Bitcoin (BTC)-pegged stablecoin (BTCB). Additionally, Binance says that it will leverage the existing infrastructure and experience with different regulatory regimes. That will enable it to set up a compliance risk control system and create a multi-dimensional cooperation network for the Venus project. Contending with Libra The new ambitious venture by Binance seems to compete directly with Facebook’s fiat-pegged stablecoin, Libra. Facebook’s wants to launch a system that will power a global cryptocurrency payments network integrated into the company’s wholly-owned apps that include Messenger, WhatsApp, and Instagram. The choice of this name ‘Venus’ seems to show that Binance is also entering the astrological waters. These waters feature the Winklevoss Twins’ Gemini dollar and Gemini exchange together with Facebook’s Libra project. Whether Venus will outmuscle Libra in the new global stablecoin space or not, only time will tell. Like what you're reading? Subscribe to our top stories The post Stand Aside Libra, Binance’s ‘Venus’ is the New Sheriff in Town appeared first on - Daily Cryptocurrency and FX News.

Binance Announces New Stablecoin Initiative Venus – the “One-belt-one-road Version of Libra”

The world’s largest cryptocurrency exchange Binance has announced the plan of launching an open blockchain project “Venus”, an initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe. As per the announcement published today Aug.19, the localized stablecoin initiative will leverage the exchange’s existing infrastructure such as its public chain Binance Chain and cross-border payment systems, wider user base and already established global compliance measures. Bearing a similar vision with social media giant Facebook’s Libra, “Venus”, defined as a “regional version of Libra”, aims to break down the financial hegemony and reshape the world’s financial system, which enables latecomers to have more initiative and stability in finance, as well as enhance the economic efficiency of countries. The exchange says it is seeking “partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies.” “We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy.” said He Yi, Binance co-founder and CMO. In its Chinese version of the announcement, the exchange believes that “Libras are growing at an exponential rate and will reshape the world financial system, bringing changes more than the Internet. Instead of resisting change and losing the opportunity, it is better to embrace the change. Under the planned economy system, the successful experience of Shenzhen’s bold exploration of market economy is a good case. At the same time, Libras need to be developed in an orderly manner under the regulatory framework.” In conclusion, it added three suggestions for the Chinese regulators – The central government should establish the core strategic position of blockchain industry and digital stablecoin in the future financial system; Establish a regulatory sandbox within a certain scope and pilot payment and settlement services based on digital stablecoin; Allow private enterprises to issue digital stablecoins and develop cross-border payment and settlement systems. Prior to it, Zhou Xiaochuan, the former governor of PBOC (People’s Bank of China), stated that Libra represents the trend of digital currencies, China should take precautions and undertake policy research. Following that, Huawei founder Ren Zhengfei  said that China can issue a Libra-like currency to take the lead in the blockchain sector. With these positive signals, the exchange is responsive and acting fast. Its cofounder He Yi said “Venus” is the “One-belt-one-road version of Libra”. Cofounder of Binance .@heyibinance said “Venus” is the “One-belt-one-road version of Libra” Totally nailed it — Dovey Wan 🦖 (@DoveyWan) August 19, 2019

HyperCash, Metal, WePower and Bread Top All Cryptos; Coins as a Whole Up 1.66% Overall, 18 Coins Have Contracting Volatility

Yesterday’s Movers and Shakers Since yesterday, the coin that fared the best out of the 133 coins in our index was HyperCash, whose price is up 51.55%. Rounding out the top four currencies for the day were Metal, WePower, and Bread, which provided holders with returns of 17.75%, 13.98%, and 12.04% for the day. These moves were notable not only for their magnitude relative to other coins, but also because they were large and surprising relative to the volatility of each of these currencies over the past two weeks. Interested in trading these currencies? Some brokers to try: Gate, Yobit, Stex, Binance, DDEX, ETHfinex A Macro View of the Crypto Market Overall, the average change in coin price for the coins we’re tracking was up 1.6592%. On a more granular level, 65% of the coins we’re tracking were up while 35% of the coins were down. Below we can see the average daily change for the coins we are tracking our index over time. Since yesterday, 3 have crossed their 20 day moving average; these coins may be of interest to traders who believe the 20 day moving average may be a key level that draws traders in. Interested in trading these currencies? Some brokers to try: Gate, Yobit, Stex, Binance, DDEX, ETHfinex Currencies With Significant Price Moves The coins that crossed their moving average are: Chainlink, Verge, HyperCash. Likewise, volatility has continued to trend lower and contract for 18 of the 133 coins in our index; contracting volatility often precedes a breakout, so these coins may be gearing up for a larger move. The chart below drills down a bit more, featuring 4 currencies with contracting volatility that are trading below their moving average. Are these coins forming a bottom? Interested in trading these currencies? Some brokers to try: Gate, Yobit, Stex, Binance, DDEX, ETHfinex Article by SixJupiter The post HyperCash, Metal, WePower and Bread Top All Cryptos; Coins as a Whole Up 1.66% Overall, 18 Coins Have Contracting Volatility appeared first on DecentralPost.

The Latest Satoshi Nakamoto ‘Reveal’ Is Actually Quite Compelling

The origin story of Bitcoin’s pseudonymous creator, Satoshi Nakamoto, has seen outright lies, conjecture, and its fair share of ‘reveals’. By now, for many, it has become irrelevant, and any new ‘revelation’ gains a healthy dose of cynicism. But here we are again, with a promise of an unveiling in little under 36 hours. Could it be different this time? I’m Satoshi Nakamoto, And So Is My Wife You could be forgiven for having a touch of Satoshi Nakamoto fatigue. In the past few months alone, we’ve endured multiple theories regarding an Estonian connection, a drug lord who invented Bitcoin purely to launder money, and a failed attempt at viral marketing (anybody actually use PAI news?). Not forgetting, of course, Craig Wright’s ongoing delusion in the face of mounting evidence of his serial forgery. So when a new website appears claiming that ‘all will be revealed’ in a three part series of posts… well you’ve got to expect it to be taken with a(n un)healthy pinch of salt. But that’s exactly what happened over the weekend. We even got to read the first part of the three-part reveal, and… it’s strangely compelling. Satoshi Nakamoto Renaissance Holdings The website bears the name ‘ Satoshi Nakamoto Renaissance Holdings’, and the ‘Truth’ is as told to Ivy McLemore, a PR and marketing consultant… and apparently a man. So far, so readily dismissible as another waste of time marketing ploy. The site even admits that part three of ‘My Reveal’, along with the Nakamoto’s true identity, will provide details about Tabula Rasa, Satoshi’s vision (sorry Craig) for the future of Bitcoin. But if this is just another attempt to cash-in on the Bitcoin bandwagon, then whoever is involved has done a better job than most of the others. Names, Numbers, And A Chip On His Shoulder The fact that ‘Satoshi Nakamoto’ has a beef against the banking industry will come as a shock to no-one. The fact that this beef harks back to the 1991 closure of the ‘World’s Sleaziest Bank’, BBCI might. Allegedly, part of his motivation was to redeem BCCI, even going so far as basing the name of Bitcoin on it; Bank of CredIT and COmmerce INternational. He also had trouble opening a bank account when visiting the UK. According to this latest ‘testimony’, Satoshi came from Satoshi Sumita, a Japanese Central Banker, who presided during a period when the country became the world’s largest creditor nation. Satoshi was also an exact match in Chaldean numerology (which also features greatly) for Nakamoto’s childhood nickname of ‘Shaikho’. Nakamoto came from Hal Finney, who helped him to create Bitcoin. Dorian Satoshi Nakamoto lived in the same California neighbourhood as Finney. He was later mistakenly identified as the Bitcoin creator by Newsweek. Satoshi Nakamoto is the number 55 in Chaldean numerology, representing the total and complete man. Finney also provided remote computers to work on, leading some to speculate that Nakamoto had been based in California. He had actually started his work in Pakistan, later travelling between Pakistan and the UK. ‘Nakamoto’ describes Finney as his Steve Wozniak, the technical genius who partnered Steve Jobs at Apple. The Best Is Yet To Come So part one of ‘My Reveal’ is detailed, fits some of what we already know about Nakamoto, and explains some of the things that we didn’t know. And the best bit is that we don’t have to wait too long for parts two and three. Part two, available at 4pm EST today, will reveal more about how Nakamoto’s belief in Chaldean numerology influenced many of his decisions regarding the development of Bitcoin. It will also give all the facts about his 980,000 BTC personal stash. Then part three will be published just 24 hours later. Will we finally learn Satoshi Nakamoto’s real-life identity, and his vision for the future of Bitcoin? Craig Wright must be quaking in his loafers… or sitting smug in the knowledge that this is just a ploy, and he is the real… nah, just kidding, quaking in his loafers. Do you think this time Satoshi Nakamoto will finally reveal his/herself? Let us know your thoughts in the comment section below! Images via Shutterstock The post The Latest Satoshi Nakamoto ‘Reveal’ Is Actually Quite Compelling appeared first on
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