A Fox News article this morning addressed the topic of Iranians, who are feeling the squeeze from U.S. sanctions targeting the Islamic Republic’s ailing economy, increasingly turning to such digital currencies as Bitcoin to make money. According to the article, this is prompting alarm in and out of the country. Some government officials in Iran worry that the energy-hungry Bitcoin “mining” process is abusing Iran’s system of subsidized electricity. In addition, some U.S. observers have warned that cryptocurrencies could be used to bypass the Trump administration’s sanctions targeting Iran over its unraveling nuclear deal with world powers. “It is clear that here has turned into a heaven for ‘miners,’” Mohammad Javad Azari Jahromi, Iran’s minister for information and communications technology, recently told AP in an interview. “The business of ‘mining’ is not forbidden in law but the government and the Central Bank have ordered the Customs Bureau to ban the import of (mining machines) until new regulations are introduced.”
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