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Iran: New Crypto Law Requires Selling Bitcoin Directly to Central Bank to Fund Imports

Gold-plated souvenir Bitcoins. (AFP)
Gold-plated souvenir Bitcoins. (AFP)
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Iran: New Crypto Law Requires Selling Bitcoin Directly to Central Bank to Fund Imports

Gold-plated souvenir Bitcoins. (AFP)
Gold-plated souvenir Bitcoins. (AFP)

Iran has resorted to a new crypto currency regulation that required licensing bitcoin miners to sell their coins directly to the Central Bank for use to fund imports.

Reports published by bitcoins.com said the Iranian government has amended its crypto currency regulation to enable the country’s central bank to fund imports with bitcoin legally mined in the country.

Also, the IRNA news agency reported that the government has introduced those regulations in order to allow crypto miners to redirect their coins to the country’s finance mechanism for international trades.

“The Ministry of Energy is tasked with defining a ceiling for output of authorized crypto units subject to the energy consumed by each unit. Miners’ output should not exceed the ceiling,” the news agency wrote, adding that the central bank will soon announce details of the new law.

Meanwhile, the Mehr news agency quoted Mostafa Rajabi Mashhadi, deputy head of Iran’s Power Generation, Distribution, and Transmission Company (Tavanir) and the spokesperson for the power industry, as saying: “These crypto currencies can be exchanged according to the regulations set by the central bank.”

Presstv, an Iranian state-owned news network, said that miners are supposed to supply the original crypto currency directly and within the authorized limit to the channels introduced by the central bank.

“The legal cap for the amount of crypto currency for each miner would be determined by the level of the subsidized energy used for mining and based on instructions published by the Ministry of the Energy,” it said.

Crypto currency analyst Alireza Shamkhi told ISNA news agency that the new law is vague and ambiguous.

He said it does not state how the central bank will price crypto currencies or the exchange rate between dollars and rials.

Previously, miners could exchange their crypto currencies for dollars, rials or other currencies at market prices.

“The requirement for miners to report their output to the central bank is not seen in other industries, concluding that the new law will likely reduce the industry’s attractiveness and significantly lower miners’ profit margin,” said Shamkhi.

Iran has issued over 1,000 licenses to crypto miners, including one to the Turkish bitcoin mining giant Iminer.

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World

France's Macron: Unity between Europe and US on Ukraine is ‘Essential'

French President Emmanuel Macron. (AFP file)
French President Emmanuel Macron. (AFP file)
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France's Macron: Unity between Europe and US on Ukraine is ‘Essential'

French President Emmanuel Macron. (AFP file)
French President Emmanuel Macron. (AFP file)

French President Emmanuel Macron said on Friday that unity between Europe and the United States was key in the support of Ukraine, adding there is "no mistrust" and denying a report he had said there was a risk Washington could betray Ukraine.

"Unity between Americans and Europeans on the Ukrainian issue is essential. And I say it again and again, we need to work together," Macron told reporters during a visit to China.

"We welcome and support the peace efforts being made by the United States of America. The United States of America needs Europeans to lead these peace efforts," he added.

German magazine Spiegel on Thursday cited a transcript of a confidential call showing the French President and German Chancellor have voiced severe skepticism about efforts by the US government and its envoys to negotiate a peace between Ukraine and Russia.

"I deny everything," Macron said, when asked about the Spiegel report. "We need the United States for peace. The United States need us for this peace to be lasting and robust."

"So there's no scenario where a lasting peace in Ukraine is done without joint efforts between the Europeans, the Americans, the Canadians, the Australians and the Japanese," he said.

World

Greek Parliament Approves Purchase of Rocket Systems from Israel

A PULS multiple rocket launcher miniature and artillery rockets by Israeli Elbit Systems is exhibited at the DEFEA Defense Exhibition, in Athens, Greece, May 8, 2025. REUTERS/Louiza Vradi Purchase Licensing Rights
A PULS multiple rocket launcher miniature and artillery rockets by Israeli Elbit Systems is exhibited at the DEFEA Defense Exhibition, in Athens, Greece, May 8, 2025. REUTERS/Louiza Vradi Purchase Licensing Rights
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Greek Parliament Approves Purchase of Rocket Systems from Israel

A PULS multiple rocket launcher miniature and artillery rockets by Israeli Elbit Systems is exhibited at the DEFEA Defense Exhibition, in Athens, Greece, May 8, 2025. REUTERS/Louiza Vradi Purchase Licensing Rights
A PULS multiple rocket launcher miniature and artillery rockets by Israeli Elbit Systems is exhibited at the DEFEA Defense Exhibition, in Athens, Greece, May 8, 2025. REUTERS/Louiza Vradi Purchase Licensing Rights

Greek lawmakers approved late on Thursday the purchase of 36 PULS rocket artillery systems from Israel for about 650 million euros ($757.84 million), two officials with knowledge of the issue told Reuters.

Greece has said it will spend about 28 billion euros ($32.66 billion) by 2036 to modernize its armed forces as it emerges from a 2009-2018 debt crisis and tries to keep pace with its historic rival Türkiye.

"In a closed session, the parliament's defense committee approved the purchase of PULS," a senior official with knowledge of the issue told Reuters. A second official confirmed the parliament's approval, adding that the cost would be around 650 to 700 million euros. Reuters reported in November that Greece was in talks with Israel for the systems.

Greece and Israel have strong economic and diplomatic ties, have conducted several joint exercises in recent years, and operate an air training center in southern Greece.

Greece is also in talks with Israel to develop a 3 billion euro anti-aircraft and missile defense dome.

The PULS system, made by Israel's Elbit, has a range of up to 300 km (190 miles) and will help protect Greece's northeastern border with Türkiye and Greek islands in the Aegean, officials have said. The deal also includes the construction of components in Greece.

Greece and Türkiye, NATO allies, have long been at odds over issues including where their continental shelves start and end, energy resources, flights over the Aegean, and the ethnically partitioned island of Cyprus.

World

Flooding Kills Two as Vietnam Hit by Dozens of Landslides

Deadly flooding inundated thousands of homes in Vietnam's Lam Dong province in what authorities say is a record-breaking year of natural disasters. Quoc Nguyen / AFP
Deadly flooding inundated thousands of homes in Vietnam's Lam Dong province in what authorities say is a record-breaking year of natural disasters. Quoc Nguyen / AFP
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Flooding Kills Two as Vietnam Hit by Dozens of Landslides

Deadly flooding inundated thousands of homes in Vietnam's Lam Dong province in what authorities say is a record-breaking year of natural disasters. Quoc Nguyen / AFP
Deadly flooding inundated thousands of homes in Vietnam's Lam Dong province in what authorities say is a record-breaking year of natural disasters. Quoc Nguyen / AFP

Heavy rain in Vietnam triggered flooding that killed at least two people and caused more than a dozen landslides, state media said Friday, adding to what authorities called the "most unusual" year of natural disasters in the country's history.

South-central Vietnam has been lashed by weeks of heavy rain, submerging hundreds of thousands of homes in coastal tourism hotspots and causing deadly landslides in mountainous regions.

Downpours inundated thousands more homes in Lam Dong province on Thursday and killed at least two people, the Voice of Vietnam news outlet reported.

It added that 16 landslides struck the province, damaging roads and bridges and forcing the evacuation of hundreds of homes.

Floodwaters up to two meters deep were still sloshing through Ham Thang commune in Lam Dong on Friday, resident Pham Thi Ngoc Yen told AFP, adding authorities were delivering food and water by boat.

"Our province has always been very safe from floods or typhoons. This year was so weird," she said.

"I hope that the water will recede a lot in the next two days so that our life can get back to normal."

Record year

"2025 has been the year with the most unusual natural disasters in history," Hoang Duc Cuong, deputy director of the environment ministry's meteorology and hydrology department, said in a statement Friday.

A total of 21 storms, including 15 typhoons and 6 tropical depressions, have affected Vietnam this year, the highest number since records began in 1961, according to the environment ministry's statement.

Vietnam is in one of the most active tropical cyclone regions on Earth, but in a typical year it is affected by around 10 typhoons or storms.

The country has also experienced extreme rainfall and widespread flooding this year, with rivers setting new high-water marks from the northern regions through central and down to the lower Mekong Delta.

"Never before have such exceptionally large and historical floods occurred simultaneously in one year on 20 rivers," the environment ministry said.

One area of central Vietnam recorded up to 1,739 millimeters (5.7 feet) of rain in just 24 hours.

Elsewhere in Asia, devastating floods in recent days have killed more than 1,500 people and displaced hundreds of thousands across four countries, including Indonesia and Sri Lanka.

In Vietnam, natural disasters have left more than 400 people dead or missing this year and caused more than $3.6 billion in damage, according to the ministry.

The Southeast Asian nation is prone to heavy rain between June and September, but scientists have identified a pattern of human-driven climate change making extreme weather more frequent and destructive.