Tuesday, May 28, 2024

Iran Preparing Infrastructure for Bitcoin Adoption

Iran is preparing the infrastructure for using Bitcoin, the first worldwide crypto currency, said Iran’s Deputy Minister of Information and Communication Technology, Amir Hossein Davaee.

“The ministry of communications and information technology has already conducted a number of research studies as part of efforts to prepare the infrastructure to use Bitcoin inside the country,” Davaee said in a Farsi interview with Shargh newspaper published on Wednesday.

He went on saying the crypto currency has two aspects: Economic and infrastructural. “We as the main centre in Iran dealing with the country’s technology developments have taken very seriously the issue of preparing the infrastructure for the new currency.”

The Iranian official went on saying such digital infrastructure are part of the soft power of each country and said entrance of the currency into Iran will end up in the general interests of the country.

“Arrangement are being made with the related organizations to put together the infrastructure as early as possible.”

Observers maintain that the entry of the digital asset into the Iranian market is part and parcel of the technology-hit world we are living in and will end up in Iran’s the benefit.

Bitcoin is defined as the first decentralized digital currency, as the system works without a central repository or single administrator. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a publicly distributed ledger called a block-chain.

According to research conducted by Cambridge University this year, there are 2.9 to 5.8 million unique users using a crypto currency wallet, most of them using bitcoin.

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