Cryptocurrencies are Iran’s powerful tool for circumventing sanctions.

The Vienna talks and the new JCPOA agreement continue. Iranian officials are working to keep Iran’s economy afloat in the face of any JCPOA deal.

PAZH |On the other hand, the onset of summer and rising temperatures could plunge the country into a power crisis.

Extraction of currency code is considered one of the most important reasons for high electricity consumption in Iran.

Last year, cryptocurrency extraction created profound social changes in Iran and posed many challenges to the economy.

But now, some experts believe cryptocurrencies could be Iran’s tool for circumventing sanctions and boosting electricity production.

Cryptocurrency does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to a central bank digital currency (CBDC).

When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.

So traditional asset classes like currencies, commodities, and stocks, as well as macroeconomic factors, have modest exposures to cryptocurrency returns.

The first decentralized cryptocurrency was Bitcoin, which was first released as open-source software in 2009. As of March 2022, there were more than 9,000 other cryptocurrencies in the marketplace, of which more than 70 had a market capitalization exceeding $1 billion.

Decentralized cryptocurrency is produced by an entire cryptocurrency system collectively, at a rate that is defined when the system is created and which is publicly stated.

In centralized banking and economic systems such as the US Federal Reserve System, corporate boards or governments control the supply of currency.

In the case of decentralized cryptocurrency, companies or governments cannot produce new units and have not so far provided backing for other firms, banks, or corporate entities which hold asset value measured in it.

The underlying technical system upon which decentralized cryptocurrencies are based was created by the group or individual known as Satoshi Nakamoto.

In September 2021, the government of China, the single largest market for cryptocurrency, declared all cryptocurrency transactions illegal, completing a crackdown on cryptocurrency that had previously banned the operation of intermediaries and miners within China.