Scoop: Iran legalises Bitcoin as a means of payment for international trade

Iran is the first country in the world to use State-level bitcoin (BTC) as a means of payment. The Iranian Cabinet has changed the law so that they can pay with bitcoin when importing goods. This is reported by IRNA.

The country has been suffering from international sanctions for years. With bitcoin they can bypass (part of) the blockades.

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Where did Iran get this bitcoin?
Iran is betting on bitcoin mining. This year, it introduced clear rules for the industry and the country.

The Central Bank of Iran (CBI) plays an important Cryptosoft role in this construction. Bitcoin miners in the country contribute (part) of their revenues to the bank in order to import goods. This is shown in a report by the bank and the Ministry of Energy.

Miners in the country get a kind of limit. Everything earned above that limit goes to the state. That limit depends on the subsidy that miners receive. They can make a deal with the Ministry of Energy for their elecriticality.

Incidentally, Iran is not a country where you just set up your data centre and get to work. A state-owned company in Iran recently closed the doors of 1 100 illegal Bitcoin mining farms. You have to comply with the strict rules.

Paying with bitcoin
A country that is partly cut off from the world economy is looking for solutions to their problems. A bitcoin transaction is borderless and financial institutions cannot block it on the network. This is valuable for many different people (or perhaps for everyone), but also for countries that cannot use all international payment networks.

So now Iran has bitcoin as a means of payment at the highest level in their country. Not out of luxury, but out of sheer necessity.

Earlier this year, car importers in Iran made a similar request: Car importers in Iran want to use earned bitcoin for trade.

Crypto Analyst zegt Bitcoin (BTC) en XRP op Cusp van Q4 Breakdown – Maar Macro Bullish Scenario is Brewing

Een prominente analist en handelaar zegt dat Bitcoin (BTC) en XRP op het randje van de afgrond staan en op korte termijn te maken kunnen krijgen met aanzienlijke storingen.

De pseudonieme analist die onder de naam Credible Crypto gaat, vertelt zijn 69.000 Twitter-aanhangers dat hij onlangs lang op XRP is geweest, maar dat hij werd tegengehouden toen BTC zich vrijdag terugtrok.

„Welnu, hij werd wakker en stopte met dit gesprek toen BTC van de ene op de andere dag een vervelende afwijzing zag. De opstelling die ik aan het nemen was, is hieronder. Nu op zoek naar een beweging onder de gestippelde rode lijnen.“

De analist waarschuwt nu zijn collega-handelaren dat de vierde grootste cryptocentrale zich vastklampt aan een belangrijk steunpunt.

„Gestippelde rode lijnen gewist… Nu begint het interessant te worden… Bulls willen de gestippelde rode lijnen niet verliezen bij de laagste punten, dat zou gelijk staan aan een breuk in bullish MS (marktstructuur) en ons terugsturen naar 0.21 XRP.“

De analist is ook bearish op BTC in de nabije toekomst. Hij gelooft dat Bitcoin Trader zich zal blijven terugtrekken en ver onder $10.000 zou kunnen zakken voor een ommekeer. Maar hij blijft macro bullish zolang BTC boven de $9.600 op de weekly chart blijft.

Nadat de volgende pullback van BTC voltooid is, gelooft hij dat de etappe zal worden gezet voor Bitcoin om eindelijk de weerstand te doorbreken op $12.000 in het eerste kwartaal van 2021.

Wat de bredere altcoin-markt betreft, voorspelt Credible Crypto dat er in de komende weken een aanzienlijke uitverkoop zal volgen op de potentiële daling van Bitcoin. Hij ziet de vorming van een berenvlag in de altaarnmarktkap, die volgens hem een enorme devaluatie van 40% kan veroorzaken.

„Twee dingen –

1. Ik verontschuldig me bij voorbaat voor uw alerts

2. Je kunt beter de EFFIN DIP kopen als we daar aankomen“.

Volgens de cryptostrateeg blijven altcoins met de kleinste marktkapitalisatie het meest kwetsbaar en zullen ze waarschijnlijk het hardst vallen.

„Dit patroon is een standaard berenvlag en impliceert waarschijnlijk een inzinking. En ja, kleinere altcoins zullen over het algemeen harder worden geraakt, terwijl majors minder worden geraakt.“

National launch of the Sand Dollar, the digital currency of the Bahamas

The Bahamas have just deployed their central bank digital currency (CBDC), the „Sand Dollar“. Its launch comes after a pilot program initiated in October 2019.

The Sand Dollar lands in the Bahamas

The Central Bank of the Bahamas (CBOB) today officially introduced its own central bank digital currency (CBDC), the “ Sand Dollar ”. This makes the Bahamas one of the first countries in the world to launch a CBDC beyond a pilot program .

The information was shared during a webinar broadcast on Facebook , on the dedicated Bitcoin Bank page. As of today, the 386,000 inhabitants of the archipelago can create their digital wallet on their smartphone and carry out transactions.

The entire Sand Dollar ecosystem will therefore transit through smartphones, and all Bahamian merchants can very easily accept it as a means of payment.

The central bank has chosen the company NZIA as its technological partner for the deployment of the Sand Dollar. Also based in Canada, South Korea, Singapore and South Africa, NZIA specializes in developing solutions compatible with existing regulatory frameworks and financial frameworks.

On the official Sand Dollar website , here’s how the Central Bank of the Bahamas justifies the introduction of this CBDC:

„The goal is to promote more inclusive access to regulated payments and other financial services for underserved communities and socio-economic groups, as well as reduce service delivery costs and increase transaction efficiency for financial services. across the Bahamas. “

Each Sand Dollar is backed by a Bahamian dollar, which in turn is pegged to a US dollar. In addition, the CBOB claims that the fees required to complete a transaction are negligible, without giving further details.

A CBDC quickly set up

This CBDC had been in the works for several years, although things really accelerated last year when it was publicly announced.

The Sand Dollar project had been the subject of a pilot program since October 2019 , when 48,000 units were in circulation on the islands of Exuma and Abaco, combining a population of 25,000 people.

Although the Sand Dollar is being rolled out nationwide fairly quickly, the project already looks quite mature . The Central Bank of the Bahamas ensures that its entire ecosystem is already operational.

The institution hopes in particular that at the end of this project, all inhabitants of the Bahamas will have equal and expanded access to modernized digital means of payment . At the same time, a reduction in cash transactions is also planned, a feature that will certainly be debated.

This new payment infrastructure is expected to reduce service delivery costs, increase transaction efficiency and improve the general level of financial inclusion of communities throughout the archipelago.

Along with Venezuela’s Petro (PRT) , the Sand Dollar is one of the first sovereign digital currencies to emerge . Although the challenge is less compared to the deployment of the digital yuan in China , the Bahamas are proving to the whole world their lead on a technology which is still very young.