Featured image courtesy of Shutterstock By Osato Avan-Nomayo Bitcoin price has risen dramatically in Iran following the government’s decision to grant legal recognition to the country’s cryptocurrency mining industry. Bitcoin Premium Comes to Iran While Bitcoin $6307.03 -0.04% suffered an almost $1,000 drop in the rest of the world, the top-ranked cryptocurrency was reaching new heights in Iran. Buoyed by the government’s legalization of cryptocurrency mining activities, the local price of BTC shot up to more than $26,000 on the localbitcoins platform for Iran. This figure amounts to more than four times than the average spot price around the world. However, there are counter reports that the $20,000+ BTC price in Iran is grossly exaggerated, with the actual value on the street being closer to $8,400. The confusion lies primarily in the difference between the official and black market exchange rial/dollar exchange rate. The license given to cryptoc...
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