It’s official: Iran plans to adopt Bitcoin mining to bypass international sanctions

The Iranian Presidential Center for Strategic Studies, in a detailed report, is encouraging the country to adopt Bitcoin and other cryptocurrencies mining to bypass international sanctions officially.

The center with close ties to President Hassan Rouhani wants the state to leverage digital assets’ untraceable nature to outsmart the sanctions.

According to the report, extracting new cryptocurrencies can also provide economic benefits to several sectors. The center estimates that the cryptocurrency sector can generate $2 million a day and $700 million a year in revenue from mining alone.

“As the newly extracted Bitcoins are not easily traceable, despite the pressure of sanctions on the country, domestic economic actors can use newly-extracted cryptocurrencies, which are preferable to exist bitcoins, on international exchanges,” the report notes.

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