In today's era of intensifying digitalization, a decision by the President of Iran has triggered global attention and discussion. The President of Iran has authorized government departments to draft a national cryptocurrency mining strategy, a move seen as an important step for Iran in the field of digital finance. What impact will the formulation of this strategy have on the Iranian economy? How will it promote Iran’s position in the global digital financial market? Let’s dig into it.

The Iranian government is actively exploring trends in the cryptocurrency field, and the strategic intention behind this move is self-evident. As an emerging digital asset, cryptocurrency has unique financial attributes and technical characteristics and is valued by more and more countries. This decision by the Iranian government can be described as a wise move, aiming to use the development potential of cryptocurrency to promote innovation and change in the national economy.

This move by the Iranian government has also attracted widespread attention from the international community. Cryptocurrency mining, as an important part of the cryptocurrency market, is of great significance to Iran. The Iranian government's decision is not only an exploration at the economic level, but also a positive statement on the international political stage. Through the formulation of a cryptocurrency mining strategy, Iran is expected to win more say in the field of digital finance and open up new space for national development.

As the Iranian government's emphasis on cryptocurrency continues to increase, the development prospects of the digital financial field have become brighter. Cryptocurrency mining, as an emerging industry, contains huge business opportunities and potential. This strategic move by the Iranian government will bring new growth points to the national economy, create more job opportunities for the people, and promote the optimization and upgrading of the economic structure.

In the context of increasingly fierce competition in the global digital financial market, this move by the Iranian government will give the country a head start in this field. As an innovative form of finance, cryptocurrency has high risk and return characteristics and requires wise guidance and standardized management by the government. This decision by the Iranian government shows the government’s emphasis on the development of digital finance and injects new vitality and impetus into the country’s position in the global digital economy.

Overall, the Iranian president’s authorization of government departments to draft a national cryptocurrency mining strategy marks an important step in Iran’s digital finance sector. This move will bring new development opportunities to Iran’s economy and promote the country’s rise in the global digital financial market. With the advent of the digital financial era, Iran will usher in new development opportunities and challenges and be at the forefront of digital economic development. 【More than 3000 words】

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Iran’s president has authorized officials from the central bank, energy, communications and IT ministries to draft a national cryptocurrency mining strategic plan, according to Iranian news website ArzDigital
It was reported on May 22 that earlier this week, Iranian President Hassan Rouhani chaired the 137th Iran Economic Coordination Headquarters Meeting.

Shortly before this, the Iranian government announced changes to the unit of the country's legal currency, the rial, to combat severe long-term inflation.

Iranian government pays close attention to digital currencies

Earlier this week, Iran also moved to include cryptocurrencies in its foreign exchange regulations and anti-currency smuggling enforcement operations.

This will bring the mandate of the Central Bank of Iran into the jurisdiction of the existing foreign exchange regulatory system. Currently, during the global COVID-19 epidemic, there is a massive outflow of capital from emerging markets.

Also this week, Iran's central bank and domestic exchanges agreed to cooperate on stabilizing foreign exchange markets, including using digital currencies if necessary, to facilitate currency exchanges and return export currencies.

The public health crisis, coupled with the continuation of sanctions, has worsened Iran's already declining national economy. In 2019, the country's economy has shrunk by 9.5%, and youth unemployment is as high as 17.8%.

Iran’s Cryptocurrency Strategy

While more details of Iran’s national cryptocurrency mining strategy are still to be released, Iran has issued around 1,000 licenses to cryptocurrency miners in the country and earlier this month approved Turkish crypto mining company iMiner’s Southern Province builds 6,000 pieces of equipment.

Back in July 2019, the Iranian government authorized cryptocurrency mining as an industrial activity.

Amid a suffocating economic climate, a general from the Islamic Revolutionary Guard Corps spoke out earlier this year calling on Iran to use cryptocurrencies to circumvent sanctions.

President Rouhani himself has advocated the creation of an alternative currency, possibly a digital currency, to ease U.S. sanctions on certain countries, as sanctions are "the main tool of arbitrariness and bullying."