Transactions via cryptocurrencies are restricted in Iran, IT House reported on June 21. According to Bloomberg, 118 crypto miners will see a power outage. The blackout, which appears to be a precautionary measure against a sharp increase in electricity consumption in Iran, will begin on June 22.
Iranian power industry spokesman Mustafa Rajabi Masadi said:Electricity demand will exceed 63,000 megawatts this week.Electricity consumption peaked last August at 67,000 megawatts. With Iran already under U.S. trade sanctions, cryptocurrencies could be a way of circumvention. But the implementation of the latest policy shows that luxury electricity is a more pressing issue today.
Iran started recognizing cryptocurrencies in 2019. Iranian cryptocurrency miners must obtain permission to trade and send the collected bitcoins to the National Bank of Iran. But that changed later when the government twice announced the closure of the crypto center, as it saw an increase in electricity usage.
Cryptocurrencies have also come under scrutiny from other governments, including restricting electricity usage, drastically increasing electricity bills, and more.
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