Just five years ago, Bitcoin and cryptocurrencies were a fringe asset class that was unnoticed by most. But as the digital asset market has gained value over the past three years, the attention this industry gets has increased at a rapid clip — so much so that there are now governments trying to form national cryptocurrency mining strategies.
Iran Starts to Push for Crypto Mining Regulation and Plan
Iranian President Hassan Rouhani is moving to implement a national strategy for cryptocurrency mining, though details have not yet been hashed out, ARZ Digital reported earlier this week. Rouhani made these comments in front of officials from the Central Bank of Iran, the Department of Energy and Information, and other ministries pertinent to Bitcoin mining.
The strategy will purportedly involve the regulation of private mining operations and the management of cryptocurrency mining revenues, which would allow the government to tax Bitcoin from miners.
The pretense for this move was not made clear by ARZ Digital, though Crypto Twitter has postulated that this is a move to increase Iran’s dominance in the Bitcoin space and to prevent capital from leaving Iran’s borders.
Governments May Respond
Max Keiser — a former Wall Street trader turned one of Bitcoin’s most public and outspoken bulls — believes that Iran’s move towards getting a national grip on mining will spark a game-theoretic response from other nations that will drive prices higher.
“Bitcoin is unconfiscatable, uncensorable, digital Gold (but better), and going to $400,000,” Keiser wrote in response to the breaking of the story.
It could also be theorized that by delving into Bitcoin mining on a truly national level, which would allow Iran to garner millions of dollars worth of cryptocurrencies to potentially bypass sanctions, the U.S. would be forced to seriously respond to “the threat of” cryptocurrencies.
It’s not like this is without precedent.
In November 2018, the U.S. Department of the…