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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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Typhoon Gaemi Weakens to Tropical Storm as It Moves Inland Carrying Rain toward Central China

In this photo released by the Taiwan Ministry of National Defense, Taiwanese soldiers clear debris in the aftermath of Typhoon Gaemi in Kaohsiung county in southwestern Taiwan, Friday, July 26, 2024. (Taiwan Ministry of National Defense via AP)
In this photo released by the Taiwan Ministry of National Defense, Taiwanese soldiers clear debris in the aftermath of Typhoon Gaemi in Kaohsiung county in southwestern Taiwan, Friday, July 26, 2024. (Taiwan Ministry of National Defense via AP)
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Typhoon Gaemi Weakens to Tropical Storm as It Moves Inland Carrying Rain toward Central China

In this photo released by the Taiwan Ministry of National Defense, Taiwanese soldiers clear debris in the aftermath of Typhoon Gaemi in Kaohsiung county in southwestern Taiwan, Friday, July 26, 2024. (Taiwan Ministry of National Defense via AP)
In this photo released by the Taiwan Ministry of National Defense, Taiwanese soldiers clear debris in the aftermath of Typhoon Gaemi in Kaohsiung county in southwestern Taiwan, Friday, July 26, 2024. (Taiwan Ministry of National Defense via AP)

Tropical storm Gaemi brought rain to central China on Saturday as it moved inland after making landfall at typhoon strength on the country's east coast Thursday night.

The storm felled trees, flooded streets and damaged crops in China but there were no reports of casualties or major damage. Eight people died in Taiwan, which Gaemi crossed at typhoon strength before heading over open waters to China.

The worst loss of life, however, was in a country that Gaemi earlier passed by but didn't strike directly: the Philippines. A steadily climbing death toll has reached 34, authorities there said Friday. The typhoon exacerbated seasonal monsoon rains in the Southeast Asian country, causing landslides and severe flooding that stranded people on rooftops as waters rose around them.

China Gaemi weakened to a tropical storm since coming ashore Thursday evening in coastal Fujian province, but it is still expected to bring heavy rains in the coming days as it moves northwest to Jiangxi, Hubei and Henan provinces.

About 85 hectares (210 acres) of crops were damaged in Fujian province and economic losses were estimated at 11.5 million yuan ($1.6 million), according to Chinese media reports. More than 290,000 people were relocated because of the storm.

Elsewhere in China, several days of heavy rains this week in Gansu province left one dead and three missing in the country's northwest, the official Xinhua News Agency said.

Taiwan Residents and business owners swept out mud and mopped up water Friday after serious flooding that sent cars and scooters floating down streets in parts of southern and central Taiwan. Some towns remained inundated with waist-deep water.

Eight people died, several of them struck by falling trees and one by a landslide hitting their house. More than 850 people were injured and one person was missing, the emergency operations center said.

Visiting hard-hit Kaohsiung in the south Friday, President Lai Ching-te commended the city's efforts to improve flood control since a 2009 typhoon that brought a similar amount of rain and killed 681 people, Taiwan's Central News Agency reported.

Lai announced that cash payments of $20,000 New Taiwan Dollars ($610) would be given to households in severely flooded areas.

A cargo ship sank off the coast near Kaohsiung Harbor during the typhoon, and the captain's body was later pulled from the water, the Central News Agency said. A handful of other ships were beached by the storm.

Philippines At least 34 people died in the Philippines, mostly because of flooding and landslides triggered by days of monsoon rains that intensified when the typhoon — called Carina in the Philippines — passed by the archipelago’s east coast.

The victims included 11 people in the Manila metro area, where widespread flooding trapped people on the roofs and upper floors of their houses, police said. Some drowned or were electrocuted in their flooded communities.

Earlier in the week, Philippine President Ferdinand Marcos Jr. ordered authorities to speed up efforts in delivering food and other aid to isolated rural villages, saying people may not have eaten for days.

The bodies of a pregnant woman and three children were dug out Wednesday after a landslide buried a shanty in the rural mountainside town of Agoncillo in Batangas province.