Bitcoin (BTC) benefiting from the Iran crisis has captured the imagination of internet users worldwide, with its Google search popularity up almost 5,000%. According to data from Google Trends, the search term “Bitcoin Iran” surged 4,450% in the seven days to Jan. 8. Bitcoin search popularity follows price The term “Bitcoin” itself also saw a significant uptick around the globe, reaching a normalized score of 100 on Wednesday versus 40 a week ago. Nigeria topped the list for both terms’ most frequent country of origin. Canada, Singapore and the United States also generated significant interest for “Bitcoin Iran.” 7-day search …

This is the final part of a three-part series covering the regulatory landscape for cryptos in 2019 and thinking about the prospects for 2020. The first two parts covered the “Insiders” of Europe, North America and the Pacific Rim, and “Outsider” nations such as China, Russia and India. This piece covers the prospects for the “Experimenters”: countries that have made efforts to foster innovation and welcome crypto projects to their shores. The Experimenters and their different paths into the crypto space The Swiss were the first to discover the power of neutrality in the embattled Europe of the 19th century, …

Update (04:00 EST): This article was updated and corrected to explain how the official exchange rate distorts reported Bitcoin prices in Iran. Iran-based sellers on peer-to-peer trading platform LocalBitcoins are currently asking for around 1 billion Iranian rials or over $24,000 per Bitcoin (BTC), based on the official exchange rate from the country’s central bank. But is this really the actual price Iranians are paying for Bitcoin? LocalBitcoins lowest offers per BTC. Source: LocalBitcoins “Official” exchange rate distorts Bitcoin price in Iran However, the apparent staggering premium in Iran relative to the current global market price may only exist on …

One of the impediments to the adoption of blockchain and crypto technologies in the world are the regulations governing their introduction into the world of business. The constantly changing nature of the legal framework and the fear of being caught up in legal disputes with regulatory authorities, especially the tax ones, is forcing most small- and medium-sized businesses across the globe to work with blockchain from the shadows. Nonetheless, many experts believe the year 2019 has seen a significant improvement in many countries in regard to blockchain regulation, with the attitude toward digital money shifting dramatically in recent years. This …

Iran’s President has proposed to create a Muslim cryptocurrency as one of a number of means to confront the economic dominance of the United States. Speaking at an Islamic conference in Malaysia on Dec. 19, Iranian President Hassan Rouhani called Muslim nations to strengthen financial and trade cooperation and to cut their reliance on U.S. dollar, according to a report by The Associated Press (AP). New Muslim cryptocurrency to confront “U.S. economic hegemony” As Rouhani argued that U.S. economic sanctions are the “main tools of domineering hegemony and bullying” of other nations. Rouhani put forward the establishment of a special …

Iranian protesters are burning banks the Iranian city of Behbahan, and the cryptocurrency community is closely following the developments. The official Twitter profile of libertarian media company BeingLibertarian published a video of what seems to be a branch of Iran’s central bank in Behbahan, in the southwest of the country, being set on fire amid protests. Interestingly, the reaction to the tweet was overwhelmingly positive, with one user saying: “We might consider trying that here!! More effective than trying to audit it.” While one user answered with the single word “Bitcoin” to the video posted on Twitter, the presence of …

When thinking of countries that are ahead of the curve in crypto adoption, Turkey might not be the first place that springs to mind. However, Statistica's Global Consumer Survey for 2019 shows that a fifth Turkish residents are acquainted with crypto and have been exposed to it in some form or another. If the figures are true, 20% is the highest proportion of all the countries in the world. Flying under the radar, Turkey has undoubtedly become a crypto giant, and with President Recep Tayyip Erdoğan recently announcing that testing of the digital lira is to be finalized in 2020, …

Iranian authorities are offering a bounty to anyone who exposes unauthorized mining operations in the country, Iranian news outlet PressTV reports on Nov. 13. A spokesman of the Energy Ministry announced the bounty program during an interview with local news outlet IRIB News, while illustrating the new electricity pricing mechanism for miners. Mostafa Rajabi, the spokesman in question, said yesterday that people who expose cryptocurrency mining operations that are illicitly using subsidized electricity will receive up to 20% of the recovery of damages. Rajabi told reporters that new regulations ban miners from operating during the hours of peak consumption of …

Crypto exchange Bittrex will give frozen holdings back to its Iranian users, which the exchange suspended two years ago due to the requirements of United States’ regulators. Bittrex’s Iran-based users began receiving letters from the exchange that promise to return them the funds frozen back in 2017, according to a Nov. 8 tweet published by Bittrex user Ziya Sadr. At the time, the U.S. Treasury Office of Foreign Control (OFAC) required that Bittrex disable Iranian users’ accounts as it was not permitted to operate in countries sanctioned by the U.S. Under special conditions In the letter, Bittrex revealed that it …

Iran’s cabinet is looking into a proposal to register cryptocurrency miners on a year-to-year basis. According to documents reported by Coindesk on Sept. 19, a draft proposal to register crypto mining operations is currently on its way to official approval in Tehran. The proposed licenses would require information on employment, rent agreements and other business activities. The requirements seem designed to allow the Iranian government to curtail unsavory activities related to crypto while continuing to profit from an industry thriving in a country facing international sanctions and inflation — economic factors that have resulted in a rise in national misery. …

Cryptocurrency miners in Iran will be eligible for a tax exemption if they agree to repatriate their overseas earnings, according to Iran's National Tax Administration (INTA). Per a report by local English-lanuage news daily Financial Tribune, INTA introduced a repatriation tax exemption similar to the one it offers non-oil exporters. INTA considers cryptocurrency mining a taxable business, like any other industrial activity, and as such, believes it should follow the requirements set by the Central Bank of Iran in repatriating their overseas earnings. Per the Financial Tribune, Iranian miners think that the government’s concerns over the possibility of capital flight …

Volunteer cryptocurrency developers in Iran have created a blockchain platform called IranRescueBit, which allows people to make charitable cryptocurrency donations to aid regions in the country in recovering from destructive flooding. Al Jazeera shared the news in a report on Aug. 14. According to the report, the platform supports donations in Bitcoin (BTC), Ether (ETH) and Litecoin (LTC). The government is reportedly not involved in the project. IranRescueBit reportedly allows donors to dodge American sanctions that have insofar prohibited international donations to the Iranian Red Crescent Society, which is a non-governmental humanitarian society within Iran. According to the report, the …