Government FOMO has begun
This just seems like really big news
Iran announced they are changing their laws to accept bitcoin.
The Iranian Cabinet has amended legislation to redirect cryptos into the Central Bank of Iran’s funding mechanisms for imports.
In laymen's terms, the government is now mining and accepting crypto.
Sees:
(Source: https://twitter.com/sunnydecree/status/1321815581339865088)
While the news by itself isn't earth shattering, it has far reaching implications in my opinion.
Iran is in the midst of US sanctions right now that has battered their economy. Them turning to bitcoin is a logical next step but it remains to be seen how the US might respond.
Many countries will likely turn to bitcoin and crypto to avoid US sanctions, which may force the US to do something.
The other potential implication here is that may eventually start using bitcoin as a settlement layer with other central banks.
A settlement layer for global trade.
Accepting it as a funding mechanism is the first step, the second step is starting to use it globally.
Either way, it's going to help usher forward a new era in bitcoin, crypto, and central bank involvement.
The next couple years are going to be wild!
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It looks like the Chess board is going to heat up in 2021. Got Bitcoin?
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This escalated fast! Who of the early adopter around here would have suggested that a state is investing in BTC already in 2020. I heard that there were plans to issue an own Oil-pegged crypto in South-America last year. But this is only trying to play the old game with the new technique, same way as JPM tries it as of today. Get into BTC as a State is legitimizing this technique far more than anything else (also if it is „only“ Iran). Interesting times ahead!
Yea this is how it starts, but then it escalates over time.
I hope they do that. Kind of tired of The United Empire of the World(USA) dictating everything on earth.
Definitely. Hope for the benefits of the people and not the oligarchs. It's in the hands of the people though to start buying crypto.
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Yep, and the more countries that FOMO into this superior technology the more other countries will realize they need to jump on board and can't really fight it (like India). Imagine countries trying to ban the automobile back in the day, or even more recently the Internet itself (North Korea). It doesn't matter how big of a problem abundance technology becomes for the elite... because banning it is still worse than not in pretty much every scenario.
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I'm curious how the United States responds to this.