Iran Becomes First Country to Embrace Bitcoin as Medium of Exchange

The Central Bank of Iran (CBI) announced Thursday that it would be utilizing legally mined cryptocurrency to pay for imports

Bitcoin, which political dissidents in the United States and beyond have been using after being locked out of banking services, will be mined by Iranians with subsidized electricity from three of the nation's power plants. They are the first nation to declare the currency an official medium of exchange. 

Iran is taking these measures due to aggressive attacks on its economy by the United States Treasury, which is controlled by Jewish investment bankers Steve Mnuchin and Justin Muzinich. 

Under the auspices of Special Representative to Iran and Venezuela, Zionist neo-conservative Elliot Abrams led the sale of $40 million in stolen Iranian oil this week. According to the federal government, the money will be put into the "U.S. Victims of State Sponsored Terrorism Fund." 

In an estimate of damage done by Abrams, US sanctions and seizures have cost the country $70 billion dollars so far. 

Iran has been attempting different strategies to circumvent the hegemony of the US Dollar, which the Trump administration has weaponized more than any government before it to try and collapse the economies of foreign nations. Targeted countries, whose currencies have been rapidly losing value due to attacks from international finance and more recently the coronavirus pandemic, are beginning to look for alternatives. Last December the CBI announced that it would begin transitioning to the Chinese Yuan as its reserve currency.

As a nation with massive energy reserves, combining these strategies with Bitcoin could allow the Persian state to sell its oil without having to deal with deplatforming at the hands of Mnuchin, Muzinich, Abrams, Mike Pompeo and Trump in defense of Israeli geopolitical interests. 

While many in the cryptocurrency community are excited to see this development and believe Iran will be the first of many states to use Bitcoin, it's more likely that the US government and Jewish finance will seek to outlaw it. If world powers like Russia and China and regional powers like Iran begin designing an independent economic architecture, the calls for a crypto dollar will increase. 

The value of the US dollar has skyrocketed in 2020, so cryptocurrency is not registering on Washington's radar. Nonetheless, representatives of New York money power have started ringing alarm bells about Chinese cryptocurrency's potential for overthrowing the Dollar.