IRAN BANS BITCOIN ET AL

Iran has been experiencing blackouts due to their weak electrical infrastructure. Iran has been under US pressure since the 1979 hostage crisis. The economy in Iran is very bad with high inflation and bad unemployment.

The government close to ban the mining interests due to the essive amount of power used. Many citizens were left without power when the grid collapsed. Even the capital Tehran has experienced daily blackouts. It was probably this that motivated the government to take immediate steps. The government make it clear the problems were not completely the fault of miners, the ban was mean to reduce power consumption.

The ban is effective immediately and will be in place until Sept. 22, Rouhani told state TV, in the latest sign of high-profile rejection of the popular digital currency. 

Bitcoin has a carbon footprint comparable to that of New Zealand, producing some 36.95 megatons of CO2 annually, A lot of nations with low power rates are finding large numbers of miners flocking to them.

Iran has one of the lowest cost electrical rates in the world. The low cost has brought large numbers of mostly Chinese coin miners flocking to the country to mine digital assets. Some nearby nations such as Uzbekistan have seen limited coin mining. While Iran desperately needs to modernize the electrical grid the economic pressure has been so bad that the economy is close to the bottom of the world.

China has also taken steps against bitcoin et al. Ransomware and other criminal actions are financed with bitcoin. Inner Mongolia started with the crackdown after facing a staggering load in the local grid.