The Dominoes Keep Falling part 3

A nation state will now be using Bitcoin for international trade. In another case of the Law of Unintended Consequences, punitive US sanctions on the Iranian banking system forced Iran to seek alternative methods to conduct trade and are expediting hyperbitcoinization. Iran has now turned to Bitcoin to pay for imports. Iran joins Venezuela as the first two countries to embrace cryptocurrency mining and whose central banks are using cryptocurrency. That we know of. I suspect other countries may be acquiring Bitcoin in secret. It’s only a matter of time until all nation states are forced to own Bitcoin and have a domestic mining industry as a matter of national security.

Bitcoin Miners in Iran Have a New Buyer: the Central Bank – Decrypt

In brief Iran’s foreign exchange reserves are dwindling, but its oil and gas reserves give it cheap electricity. The country legalized cryptocurrency mining last year but prohibited trading. New regulations ask miners to sell their crypto to the central bank.

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