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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

China Slams Countries That Criticized Taiwan Drills as 'Irresponsible'

A screen broadcasting news about military drills conducted by China around Taiwan is seen on a street in Beijing, China, 30 December 2025. (EPA)
A screen broadcasting news about military drills conducted by China around Taiwan is seen on a street in Beijing, China, 30 December 2025. (EPA)
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China Slams Countries That Criticized Taiwan Drills as 'Irresponsible'

A screen broadcasting news about military drills conducted by China around Taiwan is seen on a street in Beijing, China, 30 December 2025. (EPA)
A screen broadcasting news about military drills conducted by China around Taiwan is seen on a street in Beijing, China, 30 December 2025. (EPA)

Beijing slammed on Wednesday countries including Japan and Australia for their "irresponsible" criticism of China's military drills in waters around Taiwan.

China launched missiles and deployed dozens of fighter jets, navy ships and coastguard vessels around the island on Monday and Tuesday in live-fire drills.

There has been a chorus of international criticism of China's drills, including from Japan, Australia and European countries.

Japan said Wednesday that China's exercises "increase tensions" across the Taiwan Strait, while Australia's foreign ministry condemned the "destabilizing" military drills.

The European Union on Tuesday said the military activity "endangers international peace and stability".

Beijing on Wednesday hit back at the remarks.

"These countries and institutions are turning a blind eye to the separatist forces in Taiwan attempting to achieve independence through military means," foreign ministry spokesman Lin Jian told reporters at a news briefing.

"Yet, they are making irresponsible criticisms of China's necessary and just actions to defend its national sovereignty and territorial integrity, distorting facts and confusing right and wrong, which is utterly hypocritical."

Lin said Beijing appreciated countries such as Russia, Pakistan and Venezuela expressing their support for China.

"We want to reiterate China's unwavering resolve for safeguarding national sovereignty, security and territorial integrity," he added.

"Any egregious provocative act that crosses the line on the Taiwan issue will be met with a firm counter from China."

World

Iran Appoints New Central Bank Governor After Record Currency Fall and Mass Protests

A person walks past a sign at a currency exchange, as the value of the Iranian rial drops, in Tehran, Iran, December 30, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
A person walks past a sign at a currency exchange, as the value of the Iranian rial drops, in Tehran, Iran, December 30, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
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Iran Appoints New Central Bank Governor After Record Currency Fall and Mass Protests

A person walks past a sign at a currency exchange, as the value of the Iranian rial drops, in Tehran, Iran, December 30, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
A person walks past a sign at a currency exchange, as the value of the Iranian rial drops, in Tehran, Iran, December 30, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters

Iran on Wednesday appointed a new governor to the central bank after the former one resigned following a record currency fall against the US dollar that sparked large protests.

The plummeting of the rial, Iran's currency, sparked the largest protests in the country in three years, with rallies that began Sunday and continued until Tuesday.

A report by the official IRNA news agency said President Masoud Pezeshkian’s Cabinet appointed Abdolnasser Hemmati, a former economics minister, as new governor of the Central Bank of Iran. He replaces Mohammad Reza Farzin, who resigned on Monday.

Experts say a 40% inflation rate led to public discontent. The US dollar traded at 1.38 million rials on Wednesday, compared to 430,000 when Farzin took office in 2022.

Many traders and shopkeepers closed their businesses and took to the streets of Tehran and other cities to protest.

The new governor's agenda will included a focus on controlling inflation and strengthening the currency, as well as addressing the mismanagement of banks, the government’s spokeswoman Fatemeh Mohajerani wrote on X.

Hemmati, 68, previously served as minister of economic and financial affairs under Pezeshkian.

In March parliament dismissed Hemmati for alleged mismanagement and accusations his policies hurt the strength of Iran’s rial against hard currencies.

A combination of the currency's rapid depreciation and inflationary pressure has pushed up the prices of food and other daily necessities, adding to strain on household budgets already under pressure due to Western sanctions on Iran over its nuclear program.

Inflation is expected to worsen with a gasoline price change introduced in recent weeks.

Iran’s currency was trading at 32,000 rials to the dollar at the time of the 2015 nuclear accord that lifted international sanctions in exchange for tight controls on Iran’s nuclear program. That deal unraveled after President Donald Trump unilaterally withdrew the United States from it in 2018, during his first term.

World

Iran Prosecutor Pledges ‘Decisive’ Response if Protests Destabilize Country

Iranians walks past shops in Vali-Asr Square in the Iranian capital Tehran, on the last day of the year on December 31, 2025. (AFP)
Iranians walks past shops in Vali-Asr Square in the Iranian capital Tehran, on the last day of the year on December 31, 2025. (AFP)
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Iran Prosecutor Pledges ‘Decisive’ Response if Protests Destabilize Country

Iranians walks past shops in Vali-Asr Square in the Iranian capital Tehran, on the last day of the year on December 31, 2025. (AFP)
Iranians walks past shops in Vali-Asr Square in the Iranian capital Tehran, on the last day of the year on December 31, 2025. (AFP)

Iran's prosecutor general said on Wednesday that economic protests that had gripped the country were legitimate, but any attempt to create insecurity would be met with a "decisive response".

"Peaceful livelihood protests are part of social and understandable realities," Mohammad Movahedi-Azad told state media after three days of protests by shopkeepers in capital Tehran, which were joined by students across the country.

"Any attempt to turn economic protests into a tool of insecurity, destruction of public property, or implementation of externally designed scenarios will inevitably be met with a legal, proportionate and decisive response."

His comments came days after the Mossad intelligence agency of Iran's arch-foe Israel posted on social media that it was "with you on the ground" in a message to Iranian protesters.

Posting on its Persian-language X account, the spy agency encouraged Iranians to "go out into the streets together".

The spontaneous protests, driven by dissatisfaction at Iran's economic stagnation and galloping hyperinflation, began on Sunday in Tehran's largest mobile phone market where shopkeepers shuttered their businesses.

They have since built momentum, with students at 10 universities in the capital and in other cities, including Iran's most prestigious institutions, joining in on Tuesday.

Nevertheless, the protests remain limited in number and concentrated in central Tehran, with shops elsewhere in the sprawling metropolis of 10 million people unaffected.

Iran's economy has been in the doldrums for years, with heavy US and international sanctions over Tehran's nuclear program weighing heavily on it.

The currency, the rial, has also plunged in recent months, losing more than a third of its value against the US dollar since last year.

- Last-minute bank holiday -

The streets of Tehran were calm early on Wednesday, a change from the usual chaotic and choking traffic, with the authorities having announced a bank holiday with just a day's notice.

Schools, banks and public institutions have been closed with officials saying the directive was due to the cold weather and the need to save energy.

The capital's prestigious Beheshti and Allameh Tabataba'i universities announced that classes would be held online throughout next week for the same reason, the state-run IRNA news agency reported.

The authorities have not linked the bank holiday to the protests. Tehran is experiencing daytime temperatures in the low single digits, which is not unusual for the time of year.

Weekends in Iran begin on Thursdays, while this Saturday marks a long-standing national holiday.

Iran is no stranger to nationwide protests, but the latest demonstrations have not come close to the last major outbreak in 2022 triggered by the death in custody of Mahsa Amini, a young Iranian woman.

Her death in custody after being arrested for allegedly violating the strict dress code for women sparked a wave of anger across the country.

Several hundred people were killed, including dozens of members of the security forces.