Bitcoin reaches $35,000 in Iran

  • Bitcoin reaches 35000 in Iran

Kiev: The first cryptocurrency reached $35,000 in Iran after   the government made a decision to legalize the activities related to cryptocurrency mining.

According to CryptoCompare, the bitcoin price on Iranian exchanges reached a level of over 1.5 billion Iranian rials ($35,600) at some point. This happened after the Supreme Council of Cyberspace of Iran announced the decision to recognize mining a legal industry in the country, although the policy on passing laws in this sphere has not yet been established. The government of the country stated that the financial regulator will act as the body that makes decisions in the crypto sphere.

To combat sanctions from the United States, Iran is considering the possibility to create its national cryptocurrency. It is reported that the project developed by the government has now been completed.

Events in the Islamic Republic occur against the backdrop of a sharp decline in the bitcoin price. According to CoinMarketCap data on September 7, 7:04 (UTC), the price of the first cryptocurrency is $6,517. Over the past day, it lost more than 8% in value and underwent a serious correction two times, first at $400 for 40 minutes, then $500 for half an hour. Analysts believe that this is due to the actions of an unknown large investor. Most other cryptos lost significantly in value too.

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