Iran using cryptocurrency mining to swerve around US sanctions
- Date: 22-May-2021
- Source: The National
- Sector:Financial Markets
- Country:Middle East
Iran using cryptocurrency mining to swerve around US sanctions
Bitcoin mining earns Iran hundreds of millions of dollars in cryptocurrencies which can be used to buy imports and decrease the impact of sanctions, a new study has found.
Iran's Bitcoin production - which is 4.5 per cent of the world's total - would amount to revenues close $1 billion a year, according to figures from blockchain analytics firm Elliptic.
The US has imposed an almost total economic embargo on Iran, including a ban on all imports from the country's oil, banking and shipping sectors.
Select Sector 
Select Country 
