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

Gold-plated souvenir Bitcoins. (AFP)
Gold-plated souvenir Bitcoins. (AFP)
TT
20

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.



Malta Offers to Repair Gaza Aid Ship in Drone Strike Row

FILE PHOTO: A tug vessel puts a fire on the Gaza Freedom Flotilla vessel Conscience outside Maltese territorial waters in this handout picture provided by Malta Government Department of Information, May 2, 2025. Government of Malta/Handout via REUTERS
FILE PHOTO: A tug vessel puts a fire on the Gaza Freedom Flotilla vessel Conscience outside Maltese territorial waters in this handout picture provided by Malta Government Department of Information, May 2, 2025. Government of Malta/Handout via REUTERS
TT
20

Malta Offers to Repair Gaza Aid Ship in Drone Strike Row

FILE PHOTO: A tug vessel puts a fire on the Gaza Freedom Flotilla vessel Conscience outside Maltese territorial waters in this handout picture provided by Malta Government Department of Information, May 2, 2025. Government of Malta/Handout via REUTERS
FILE PHOTO: A tug vessel puts a fire on the Gaza Freedom Flotilla vessel Conscience outside Maltese territorial waters in this handout picture provided by Malta Government Department of Information, May 2, 2025. Government of Malta/Handout via REUTERS

Malta offered on Sunday to repair an aid ship and send it on its way to Gaza after pro-Palestinian activists said the vessel had been hit by a drone strike.

But Prime Minister Robert Abela said the Freedom Flotilla Coalition must first allow a maritime surveyor on board to inspect the "Conscience" and determine what repairs are needed, AFP reported.

The pro-Palestinian activists had pointed the finger at Israel, which has blockaded the Gaza Strip throughout its military campaign against Hamas, for the attack.

If the ship can be fixed at sea, it will be, but otherwise it will be towed under Maltese control to the Mediterranean island for repairs, paid for by Malta.

"In the last few hours there was insistence that first the boat comes into Maltese waters and then the surveyor is allowed onboard," Abela said.

"Before a vessel -- any vessel -- is allowed to enter Maltese waters then control must be in the hands of Maltese authorities, especially when we are talking about a vessel with no flag, no insurance."

In an online press conference, members of the coalition who had been due to board the Conscience in Malta -- including Swedish activist Greta Thunberg -- said they had agreed to allow the inspection.

"When we received this offer from the Maltese government, we consulted with all of our Flotilla Coalition committee members who are on board," said Brazilian FFC volunteer Thiago Avila.

"And their decision is that this is a good proposition from the Maltese government," he said.

"As long as they can guarantee ... Conscience will not be stopped when it wants to leave on the humanitarian mission to take aid to Gaza."

The activists explained the Conscience has no flag because the government of the Pacific nation of Palau had announced that they were withdrawing their registration on Friday, the day of the alleged strike.

Otherwise, they insisted they had made every effort to comply with international maritime law when embarking on the mission to take aid to Palestinians in Gaza.

According to the Flotilla Coalition, the Conscience was attacked in international waters as it headed for Malta on Friday, causing a fire that disabled the vessel and minor injuries to crew members.

Maltese and Cypriot rescuers responded. No government has confirmed the Conscience was the victim of drones, but Cyprus's rescue agency said it had been informed by the island's foreign ministry of an Israeli strike.

The Israeli military did not provide an immediate response when contacted by AFP.

First reported by CNN, a flight tracking service showed that an Israeli C-130 military cargo plane had been in the area immediately before the incident and had made several low altitude sweeps over the area.

Israel is known for conducting covert operations beyond its borders, including several during the Gaza war that it only acknowledged later.

The activists said the strike appeared to target the boat's generator.