Iran: Crackdown Launched On Bitcoin Processing Centers After Power Blackouts

Aizbah KhanWeb Editor

23rd Jan, 2021. 09:29 pm
Iran: Crackdown Launched On Bitcoin Processing Centers After Power Blackouts

Tehran: The government launched a crackdown on the bitcoin industry after power outages in several cities of Iran.

Several cities in Iran, including the capital Tehran, have been plunged into darkness in recent weeks and millions of people have been left without electricity for several hours. The bitcoin industry has been blamed for this power breakdown.

According to media reports, the bitcoin industry is being blamed for the power crisis, with a large number of people pointing fingers at the ‘unexpected culprit’ on social media, after growing public anger government has launched large-scale operations against bitcoin processing centres.

It is being reported that bitcoin centres require a large amount of electricity to run their specific computers and keep them cool, which has been described as a burden on Iran’s power grid, according to the social media. But the rumours grow Public anger then the government came into action.

Iranian authorities have closed 1,600 centres across the country, for the first time, even those that are legally allowed to operate, the government’s move has become controversial and the corrupt industry is in a state of turmoil. It is believed that the bitcoin industry has been turned into a scapegoat in the fog of national problems.

The withdrawal of the nuclear deal with the United States in 2018 and the re-imposition of sanctions on Iran have increased the popularity of the corrupt currency in the country.

For Iran, anonymous transactions through cryptocurrency allow individuals and companies to bypass banking restrictions. These sanctions have brought the country’s economy to its knees.

Zia Sadr, a bitcoin expert in Tehran, said: “Iranians know the value of this cross-border network more than anyone else because we do not have access to any kind of global payment network. The bitcoin shines here. ‘

Amir Nazemi, deputy minister of telecommunications and information, declared last week that cryptocurrency “can be helpful as Iran struggles to cope with sanctions on its oil sector.

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