Another Country Starts Accepting Bitcoin As Payments

In General, News

The rise of Digital Currency is making its rounds in the Global Market. Financial institutions and other private companies are starting to get into the Cryptocurrency hype.

Digital Currency will surely create massive changes in the business sector. This will create a stronger and healthier relationship between the consumers and companies.

The lower transaction costs remain to be the top benefit consumers will experience.

Another great news that we heard is that traditional companies from different countries are now starting to see the benefits in using digital currencies.

A leading computing hardware in Iran made the wise decision to accept Bitcoins in their business.


Iranian Computer Hardware Company Accepts Bitcoin

Lioncomputer is an Iranian computing hardware company that has been operating since 2013. Yasser Ahmadi of Lioncomputer told that Lioncomputer has sought to actively engage with the Iranian bitcoin mining community, stating that the company “has supported miners through mining forums and provid[ed] them with the latest mining hardware.” Mr. Ahmadi claims that Lioncomputing has been “the biggest online hardware shopping website in Iran [since] 2013.”

Iranian Computer Hardware Company Accepts Bitcoin

Lioncomputer Is One of Few Merchants Accepting Bitcoin in Iran

According to Mr. Ahmadi, import sanctions have made it difficult for Iranian miners to keep up with technological innovation in the mining industry. Mr. Ahmadi states that “there’s very little use of ASIC miners… here in Iran. Because of import difficulties and the price of the ASIC miners, most miners are using GPU. Mr. Ahmadi claims that Lioncomputer “supplies around 90% of the hardware used in the [Iranian] mining market.”

Mr. Ahmadi described that the lack of goods available for purchase with bitcoin in Iran as the primary inspiration for Lioncomputer’s decision to accept bitcoin payments. Mr. Ahmadi told “as miners were looking for a way to spend their bitcoins and there was nowhere to spend it in Iran at all, Lioncomputer decided to accept bitcoin.”

Iranian State Representatives Are Expected to Attend an Upcoming Bitcoin and Blockchain Event

On October 17, Iran’s national library conference hall is scheduled to host BTCday, an event held by Lioncomputer which is designed to promote bitcoin and distributed ledger technology. Mr. Ahmadi says that the event hopes to make blockchain and cryptocurrency more accessible through facilitating opportunities for ordinary Iranians to explore distributed ledger and cryptocurrency technology. Mr. Ahmadi adds that the response to the event has surpassed his expectations, stating that “tickets were all sold out within 72 hours, and we are still having ticket requests from people and companies.” Mr. Ahmadi states that there will be “700 participants [at the] event, 500 in the conference hall and 200 viewers online.”

Iranian Computer Hardware Company Accepts Bitcoin

Mr. Ahmadi states that “central bank representatives, governmental and personal organizations, as well as Iranian cyber-police”, are expected to attend the event. BTCday is expected to address a wide range of topics relevant to cryptocurrency, including bitcoin’s history, mining, ICOs, legal issues, and trading basics.

Iran’s Economic Sanctions Have Long Been Seen by Many as a Likely Catalyst for Increased Bitcoin Adoption

With the sanctions severely limiting the economic opportunities available to Iranian businesses and citizens, bitcoin’s fluidity and borderless nature have been expected to attract the interest of Iranians.

One example of bitcoin’s potential use-cases in Iran is that of Iranian investment firm, Brave New World Investments (BNWI), who, earlier this year, successfully incorporated in Sweden despite failing to possess a bank account. BNWI used bitcoin as a means to prove the company’s liquidity, thus bypassing sanctions in Iran. Madeleine Idvardsson, of the Swedish Companies Registration Office, told media “we examined whether it would be possible to use bitcoin as a non-cash property, and we found that it would be possible.”

In June, Iran’s National Center of Cyberspace (NCC) announced that it had drafted a proposal for virtual currency legislation, claiming that the regulations were expected to be passed by the High Council on Cyberspace within the next four months. Iranian English-language media organization, The Financial Tribune, stated that “the widening use of digital currency, specifically bitcoin, in recent years has prompted officials to implement regulatory measures,” suggesting that an increase in Iranian bitcoin and cryptocurrency adoption had comprised the catalyst for the development of the regulatory draft proposal.


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