Stern US policy is giving way to crypto adoption in Iran

Cryptocurrency is the latest trend in Iran. On December 17 report revealed that many citizens are now mining currencies to make a living. The report mentions two people named Ali Hosseini and Pedram Ghasemi. They both are cousins and started mining in October of this year. They both have a degree in IT and they started mining on an Antminer S9.

The mining plan was successful because mining was recognized by the Iran Government as a profitable and helpful industry. They approved of it mostly to improve the economy of Iran and because the cost of living and other necessities like electricity is very low in countries like Iran. Digital currencies like Bitcoin and Ethereum are gradually gaining popularity in countries where fiat currency is weak mostly counties like Iran and Nigeria etc.

Since Iran has low electricity charges and also a weak economy it had the perfect environment for crypto to thrive. The US has recently banned banking and money transaction with Iran. This situation is working in the favor of crypto for mass adoption. The profit the two guys are making is low but consistent and they think that their set up will only prove to be unprofitable if the US dollar hits as low as one hundred ten thousand rials and Bitcoin’s worth become two thousand dollars

However, the CERTCC is taking action on this sudden rush towards digital currencies and has made efforts to make the locals realize the potential damage and scams that come with adopting crypto.

Both of the cousins have started the project together but continuing it requires making major decisions and with two people involved, there are bound to be some disagreements.

Ali Hosseini is of the view that they should invest in more mining machinery. He is optimistic about the success of cryptocurrency and sees it as a major factor in shaping the future. He thinks that in future fiat currency may not exist and that the prices will increase immensely as the supplies decrease. Simultaneously Pedram Ghasemi is of the opposite view and thinks that the current decline in market prices say a lot about the future of crypto.

He is not as optimistic about it as his cousin is and wants to stop working on the project. These two are not the only one that thinks this way but the crypto community is divided into two because of this dispute of whether crypto will succeed or not. The market is now divided into the optimistic and hopeful and the pessimistic and doubtful.

Stern US policy is giving way to crypto adoption in Iran


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