While the rest of the world is seeing the Bitcoin price go down due to a continuous bear market and negative sentiment, the price for Bitcoin at local exchanges in Iran spiked towards 24.000 USD. The Iranian government has legitimized crypto mining, and now sees it as a completely normal industry. Electricity prices in Iran are extremely low, making it very likely new mining centers will be established in that country in the next few weeks.
The confirmation came from the local news agency IBENA, who received confirmation from the High Council of Cyberspace (HCC). The government is going to declare a legal framework and policies for startups and companies in the cryptocurrency sector. This should happen before the end of the month. At the same time Iran wants to launch a state currency, which should help the country to circumvent financial sanctions led by U.S. president Donald Trump. The crypto version of the Iranian rial should be used globally, without depending on the SWIFT banking system.
After the announcement, demand for Bitcoin and other crypto shot through the roof. BTC traded hands for 1 billion IRR, which equals approximately 24.000 USD. This is a record breaking height, which was previous set at 20K back in early January.