04/03/2021
A think tank with ties to the Iranian presidency has reported a study encouraging the use of cryptocurrency to circumvent sanctions against the country. In addition, the report also states that the government could potentially generate $2 million per day and $700 million per year in direct revenue from cryptocurrency.
Employment opportunities
According to a report in local media, the authors of the report say Iran could increase employment in its economy if it set up more bitcoin mining companies. In their report, the authors state
As large mining companies establish themselves, there will be an increased need for supervisory and repair, safety, electrical and technical personnel related to hardware and software, which will increase employment in other sectors.
The authors further assume that for every megawatt of electricity consumed, approximately nine people are directly employed.
However, the report seems to call on the Iranian government to consider regulation of cryptocommunications. In support of this recommendation, the report notes that regulated currency cryptography activities in Iran can also help prevent foreign currency exports from the country.
Counter-sanctions with newly acquired BTC
Not surprisingly, the report also explains why the exploitation of cryptocurrency offers the Iranian government a unique opportunity to circumvent sanctions. The report explains:
Since newly created Bitcoins are not easily traceable, national economic agents may use newly created cryptocurrencies that are (more) preferred than those that (already) exist on international exchanges.
In the report, the authors also state that the creation of more cryptocurrency mines will help Iran reduce its energy losses.
Finally, the authors call on the Iranian government to allow the collective exploitation of cryptocurrences, as well as the establishment of mining pools near power plants whenever possible.
Do you agree that the newly created Bitcoins are not easy to track? You can share your thoughts in the comments section below.
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