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Following blackouts, Iran has imposed a four-month ban on cryptocurrency mining.

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Following blackouts, Iran has imposed a four-month ban on cryptocurrency mining.

Following the Islamic Republic of Iran’s announced prohibition of Bitcoin and other cryptocurrency mining for the next four months, crypto markets around Asia have seen yet another period of public uncertainty.

According to a statement released by the Iranian President’s Office via state television news, a countrywide ban on crypto mining is now in effect, citing government concerns about excessive energy consumption and the risk of blackouts during the summer season.

According to Bloomberg Crypto, the restriction will be abolished on September 22, 2021.

The Iranian government’s crypto mining ban was prompted by a series of statewide blackouts that began last month and wreaked havoc on the country’s already crippling electricity supply.

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Another financial crisis, similar to the one that occurred in 2008, is likely to be triggered by crypto-currencies.

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