Local Bitcoin Price Hits Record-High of $24,000 in Iran

On Sept. 4, Iran legitimized cryptocurrency mining as an industry-propelling local Bitcoin prices to new, record highs.

The Iranian government has accepted cryptocurrency mining as an industry and is now developing a regulatory framework for the sector, reports Iranian news agency IBENA. Following news of the formal approval, Bitcoin rallied to a record high of 1,020,000,000 Iranian rials on local cryptocurrency exchange Exir.

BTC traded at approximately $7,000 on major cryptocurrency exchanges during the same period on Wednesday.

Iran's Supreme Council of Cyberspace Secretary, Abolhassan Firouzabadi confirmed plans to establish a full regulatory framework for cryptocurrency mining and projects by the end of this month.

According to IBENA, Firouzabadi supports the launch of a national cryptocurrency to be used as a financial transaction instrument with foreign trade partners and national allies.

Amid economic pressures from the U.S., Iran has been struggling to maintain production and sale of its main export, oil.

The Trump Administration's re-imposed sanctions against Iran have forced many international trade partners to completely disengage operations with the Islamic republic.

Since the sanctions were imposed, over 100 companies previously engaged with Iran have halted further dealings.

With the launch of a national cryptocurrency, Iran hopes to circumvent economic pressures by western sanctions and revitalize its oil production and exports with European partners.

It is still unclear how Iran will proceed in the cryptocurrency sector following its recognition of crypto mining as an industry.