Future of Finance: The rise of State-backed Crypto-mining
According to Iran Daily, the Iranian government amended its regulations on cryptocurrencies to allow them to be exclusively used for funding imports, at a time of increased pressure on the country’s FX reserves. The move is illustrative of a tendency among a number of Petrostates like Russia, Kazakhstan and Venezuela to support through energy subsidies. the development of a homegrown crypto-currency mining. It could allow these countries to hedge and ultimately to significantly lower their exposure to the US dollar and US financial institutions. The Iranian move also shows that crypto-mining is an emerging global industry in its own right which has moved from being considered as an outcast to being treated as a strategic asset.