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Bitcoin Rallies as US Tries to Stop Bitcoin Mining in Iran

The king of cryptocurrencies rallies 2.01% or 230.06 points. The highly volatile crypto coin is currently trading around 11,408 US dollars.

Bitcoin has surged over 200% in this year’s trading. In the month of March, the crypto coin traded between $3,820 to $4,030 before soaring to its highest record in the year of $13,524.4 on June 26.

Although, the coin has tumbled in last Tuesday’s trading, falling around $9,793 before bouncing back to current levels.

The market has not experienced any major directional driver in today’s trading, only the news that about the United States is looking to halt Bitcoin mining in Iran.

In a report by a local Iranian press, the Iranian Assistant Minister of Industry, Trade and Supply, Saeed Zarandi, said on the record that the US government is looking to block Iran’s connection to cryptocurrencies and Bitcoin mining.

Zarandi told reporters that the US officials are suspecting Iran in using cryptocurrencies as a tool to avoid the sanctions imposed by the US over its nuclear program and to launder money.

The Iranian official also added that the country’s ministries are presently working with the Central Bank of Iran to discuss cryptocurrencies and how the country can access them.

On December 2018, the House and the Senate had proposed to introduce bills that will target Iran’s illicit financing which will include cryptocurrencies. But as of current time, not even one of the bills has passed.

The Iranian government is also looking into creating their own cryptocurrency. The plan was announced at a conference in Tehran. The proposed national cryptocurrency was designed to be like Venezuela’s Petro and is named PayMon.

However, the release did not catch any attention and was ignored by the crypto-market internationally and domestically.

The announcement and reports about Facebook’s Libra have immensely supported the cryptocurrency’s gain.  However, news about the US plans to stop the mining of the cryptocurrency has caused the focus to shift to Bitcoin and the US-Iran tension.

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