Governor of the Central Bank of Iran (CBI) Abdonnaser Hemmati highlighted the ineffectiveness of US sanctions against the Islamic Republic and said Washington has failed in its campaign of maximum pressure on Tehran.

Iranian President Hassan Rouhani has sent a single-urgent bill to the Parliament on the removal of four zeros from the country’s national currency, rial, and change the official currency to the more common one toman.

An executive directive issued by Iran’s First Vice-President Eshaq Jahangiri has formally legalized cryptocurrency mining in the country, although the use of digital currencies in the Iranian banks or for domestic trade will be still prohibited.

The government of Iranian President Hassan Rouhani approved on Wednesday a plan to lop off four zeros from the country’s national currency in a bid to help the Iranian rial regain its value in the face of the US sanctions.

Iran says Bitcoin and other cryptocurrency miners will be provided with three-phased timers which switch off during peak hours of electricity consumption.

A senior Iranian lawmaker has unveiled plans to free the country’s budget in the coming year from the share of petrodollars.

The Iranian currency rial has, in recent weeks, has recouped some of the losses it endured in the wake of the US sanctions, and is now traded at the highest value since mid-February in a market that Central Bank Governor, Abdolnaser Hemmati, says has stabilised.

Chinese cryptocurrency miners have officially requested to set up shop in Iran, taking advantage of cheap energy to power and cool their electricity-intensive servers.

The financial channel that the European parties to the 2015 Iran nuclear deal have set up to maintain trade with Iran, known as INSTEX, would be pretty useless if it does not supply Iran with its petrodollars, the country’s oil minister has said.

It is illegal in Iran to use the subsidized electricity available to the industrial businesses for running cryptocurrency mining machines, Parliament Speaker Ali Larijani announced.