A think tank affiliated with the Iranian presidency has published a study report promoting the use of cryptocurrencies to circumvent sanctions against the country. Additionally, the report claims the government could potentially generate “$ 2 million a day and $ 700 million a year in direct cryptocurrency revenue.”
Employment opportunities
Meanwhile, the report’s authors say that, as reported by a local media company, if it enables more Bitcoin mining operations to be created, Iran can improve employment opportunities across its economy. In their report, the authors claim that:
When large mining operations are started, the need for labor for surveillance and repair, security, electrical engineering and technical personnel for hardware and software equipment increases, leading to more employment opportunities in other sectors.
The authors then suggest that “for every megawatt of electricity consumed, approximately nine people are directly employed”.
However, the report appears to urge the Iranian government to consider regulating cryptocurrency activities. To justify this recommendation, the report said that “regulated cryptocurrency activities in Iran could also help prevent foreign currencies from leaving the country”.
Hit sanctions with newly extracted BTC
Predictably, the report also goes into why cryptocurrency mining offers the Iranian government a unique opportunity to evade sanctions. The report explains:
Since the newly extracted bitcoins are not easily traceable, domestic economic actors can use newly extracted cryptocurrencies that are (more) preferable than (that already exist) on international exchanges.
Also in the report, the authors claim that creating more cryptocurrency mining farms will help Iran “reduce electricity losses”.
In their conclusion, the authors urge the Iranian government to enable the “collective mining” of cryptocurrencies and the “creation of mining basins next to power plants where possible”.
Do you agree that newly created bitcoins are not easily traceable? You can share your views in the comments section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to submit an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.
