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Cryptocurrency 2 years 11 months ago #143

Iran's president Hassan Rouhani articulated that Iran will soon make Cryptocurrency legal during a board meeting. What are the long term implications of this move, and what would this mean for the decentralized market as a whole?

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Cryptocurrency 2 years 11 months ago #144

When it comes to the long-term ramifications of such a policy move, it is important to note Iran’s standing on the global stage. The large-scale global adoption of cryptocurrencies is of particular importance to Iran, as they increasingly rely upon it to bypass sanctions put upon it by the rest of the world. Their economy has greatly relied upon crypto mining in the past as well, with some estimates indicating that the national income generated by such mining was over $1 billion a year. This policy decision seems like the next logical step for the Iranian government. The efficacy of their endeavors, however, remains to be seen, as the effects of hot summers, power shortages, and embargoes have caused Iran to ban crypto mining until September. In this regard, future implications of this move will depend on global response, particularly from the U.S. and China, who are both considering or actively pursuing virtual currency, respectively. Ultimately, this decision may be of little consequence to future crypto markets by virtue of the nation pursuing the policy. Other, more globally impactful nations, will have to serve as future litmus tests for this type of cryptocurrency adoption.
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