Crypto

Another setback for cryptocurrencies and bitcoins | Finance and investment

The main reason for these blackouts was admittedly drought, which affected hydropower production, but cryptocurrency mining in the country, of which 85% of production is illegal, consumes more than 2 GW every day from the grid. BBC

President Hassan Rouhani claims that, in addition, unauthorized installations consume six to seven times more energy than others. Not wanting to play favoritism, he decided to ban all cryptocurrency-related activities until September 22nd.

Note that an estimated 4.5% of all Bitcoin mining takes place in Iran.

Mistrust in Japan and other countries

Iran is far from the only country with doubts about cryptocurrencies. Bank of Japan (BoJ) Governor Haruhiko Kuroda recently said he was wary of bitcoin.

“Most of the trading is speculative and the volatility is extremely high,” he said in an interview. Bloomberg raised by newspaper Transactions According to him, the latter is practically not used as a means of payment.

Thus, the Bank of Japan joins the US Federal Reserve, the European Central Bank and the Bank of England, which recently advised investors to be wary of this cryptocurrency. Recall that the latter reached a historic high of almost $ 65,000 in mid-April, after which it fell sharply, in particular, due to the statements of Elon Musk.

However, the Bank of Japan is not closed to blockchain technology. In early April, he also initiated tests to launch his own digital currency. Many other central banks are pursuing the same project, including Canada.

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