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Why generous ICO bonuses may indicate scam



The future of finance is crowdfunding. This means that investments are no longer available to just a few. Furthermore, startups don’t have to depend on or commit to all the required conditions of one venture capital investment.

This has resulted in multiple platforms like Kickstarter to help entrepreneurs turn their projects into reality. But in recent months, with the rise of cryptocurrencies, things are rapidly changing.

When it comes to the blockchain, in particular, crowdfunding has become extremely popular in the form of ICOs (Initial Coin Offering). This approach is basically exchanging cryptocurrencies like Bitcoin for tokens.

ICOs are now so popular that several are launched every week. As a result, this can make it difficult to clearly identify which ones are good and which ones are bad.

So what should you look for before parting with your crypto coins?

The standard is to go through the background of the founders to see if they have the skills needed to deliver results. If they have a successful track record, a background in crypto, or have made a name for themselves in similar areas, it will be a safe investment opportunity.

But that’s not enough as you also have to look at the company’s goals. Are they realistic? If not, that should be a sign to take a step back.

You also have to read through the whitepaper to see if all the claims in there add up. If it’s just a bunch of buzzwords thrown in together, you’re probably going to get ripped off.

The race to invest and access bonuses can fool investors

As investors are afraid of missing out on a great opportunity to invest in the next Airbnb or Uber, ICOs can sometimes sell out within minutes. As a result, investors might not have the time to do due diligence before parting with their cryptocurrencies.

Another driving force behind this phenomenon is the promise of bonuses. Bonuses are usually structured around the total amount of the investment, but sometimes investors may submit their transaction to receive as much as a 90% bonus.

This contributes to increased uncertainty as investors will rush to get the best bonus which is usually capped within minutes. In this scenario, cumulative amount or short-period bonuses should be avoided along with bonuses that offer more than 20%.

As Vitalik Buterin, co-founder of Ethereum and co-founder of Bitcoin Magazine, has put it: “If an ICO does volume bonuses (“buy at least $50000 of coins, get 20% more”) then they don’t understand the first thing about the egalitarian spirit of crypto (or at least, the egalitarian spirit that I believe crypto should have). Skip them.”

That being said, when ICO bonuses on offer far exceed 20%, it should immediately be red flagged. On the other hand, a lack of bonuses doesn’t mean that the sale will be wrapped up quickly. Rather, it means that everyone will get in at the same rate.

Undisclosed hard cap can also be a dangerous proposition as it’s a highly attractive target for hackers. A great example of this is the Decentralized Autonomous Organization (DAO) which raised over $150 million, but was hacked shortly after and lost 3.6 million either.

In most cases, huge bonuses offered at token presale are usually covered by crowdsale contributors, which gives the first a big privilege over the latter. A great example of hidden bonuses and how they can affect ICO project’s reputation is the Cobinhood case. Some investors who bought Cobinhood’s “COB” token during presale got a 100% bonus, i.e. 2 tokens for the price of 1. According to the Financial Times, those contributors were then “permitted to sell their discounted tokens on the open market, possibly at profit, before outsiders could buy them through official channels.” In addition, Cobinhood provided a 150% bonus (can you imagine that?) to its strategic partner Ian Balina who claims to be “Cryptocurrency Investor, Entrepreneur and Author”.

After the information about those hidden bounties was leaked online, Cobinhood’s CEO apologized to investors admitting own mistake and saying that “the arrangement was unfair for participants who joined the ICO through the official channel”.

Although Cobinhood’s ICO continued, COBs were traded on the EtherDelta exchange below their ICO price.

The DMarket project has taken many expert recommendations into consideration before its first ICO. In fact, the technology company is focused on avoiding any possible manipulations in the future by pre-sale investors (wholesale investors who invested more than $50,000 at once) and other platform partners.

Furthermore, there aren’t any public or hidden bonuses as the founders don’t believe in treating pre-sale and crowd-sale investors differently. This approach is also supported by leading investment managers who share this belief of equality and transparency.

While this space may seem like the wild west at the moment, things are changing with legitimate businesses taking the ICO route. But before you invest in an ICO, you have to do your homework.

What’s more, while ridiculous bonus offers might be quite tempting, it should definitely be considered as a cause for concern.

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BitMEX platform now in




Nowadays, the monitoring of all the statistics regarding exchange accounts and the management of all the potential forces that can lead to alterations, crucial data for all the traders, has become more accessible thanks to a well-known platform, called

This platform constitutes the project of a very experienced team with significant contributions in the field of automated systems. In this platform, the traders can carry out exchanges either automatically or manually, and they can use Binance and Poloniex crypto exchanges as well. Other than that, the users can also benefit from the BitMEX trading platform via, making their life easier.

Trading on BitMEX

BitMEX is a trading platform that provides to his users the ability to participate in the financial market worldwide by using the so-called bitcoins. This platform is the first one where investors are provided with crypto derivatives that give the possibility to execute transactions with a higher profit margin, with leverage up to X100.

Although, because of the emerging technical issues during the implementation of BitMEX via API have prevented many large exchange platforms of adopting it, that didn’t dissuade the of integrated it, widening its users’ potentials even more.

Minimizing the risk of loss

Even though the X100 leverage scenario is very attractive to all the traders, the risk of loss must not be overlooked. Even the most experienced traders are not fully protected from such a great risk ratio, as the price of the triggered order is too close to the elimination zone, which can lead to an X100 loss. On the grounds of that, has set an X20 limit at the trading leverage to protect its investors from a great loss of their deposits.


Cross-leverage hides big risks, as it uses all the available funds in an account’s balance to cover an open position. If the price is moving in the right direction, the leverage will be reduced as well as the collateral due to the accumulated profit. Albeit, in the case, that the leverage will escalate, as a consequence, there will be a total loss of the initial funds. In other words, when the position is opened and the order is liquidated, the entire balance will be reset.

Because of its highly risky nature, the cross-leverage is not recommended for risk-averse investors. It may be advisable for risk-neutral users, as it offers the ability to calculate again the size of the leverage, which will vary within acceptable values.

Because of its high-risk nature, the does not support cross-leverage.


Why use platform

One of the most important features of the platform is the fact that an order is placed with a take profit and stop loss simultaneously and, they can be altered either automatically or manually, providing to the investor with the opportunity to make Smart Trade functions.

A Smart Trading process consists of two types of orders, the limit order, and the market order. In the first case, an order is placed at the price of interest and when it riches the specified level, the order is activated. In this case, the order is pending. In the case of the market order, the purchase or the sale of an instant market asset is made at that moment.

Trailing mode

The trailing mode is a Smart Trade’s function that rearranges the orders based on the specified parameters, allowing the trader to minimize the risk and to increase his profits. Trailing mode consists of three orders:

1. Trailing take profit

In this case, the order parameters change the value of floating take profit and the default setting is 1%. As the price attains the level of the determined take profit, the take profit is being automatically moved to the set value until the price is no longer changing.

2. Trailing stop loss

The difference with taking profit is that, in this case, instead of taking profit, the taking loss is the one that is moved as the price increases and it remains stable when the price is decreased.

3. Trailing ladder

Here, as soon as an order is opened, the take profit and stop loss are triggered concurrently. In more detail, when the price approaches the first level of taking profit, the stop loss is moved to the break-even point. This will continue until the price crosses the stop loss line and the sell is activated.

It should be emphasized that this mode is not included in the BitMEX platform or any other crypto exchange.


Edit a task

In the platform, the traders are also able to edit the current task without canceling it, unlike with other crypto exchange users where the users are obliged to cancel the old task in order to create a new one.

In the Trade-mate platform, the task can be edited before the order is been activated. The traders are able to cancel the task, to change it in case they want to sell cryptocurrency when the price has reached desirable levels or to average it. By this can be benefit traders dealing with leverage, as once they have created an order, they are able to edit it in the meantime, making the whole process more simple.

Last but not least, in this platform, the traders possess the ability to change even the control panel and to make it comfortable for them to use it. They can move the elements in the control panel and adjust them at the most convenient for them positions by just dragging them around the screen.

Copy on BitMEX

BitMEX gives the opportunity to its traders to copy trades from other trades, the so-called auto trading. In addition, traders who execute successful trading on the crypto market, they receive incomes from the subscribers. That’s why selects only the traders with the highest ratings in order to guide others. Again, for the safety of its users, the leverage for auto trading will be no more than X5. In this way, liquidating balances are prevented.

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Cryptocurrency confirmed by the only stable resource on the planet – ERTC




Each of us is familiar with the phenomenon of cryptocurrencies – someone was mining, someone is earning on a change of course, sellers and a buyer, someone is investing their money and now sits on Corvalola, In all cases when no one uses cryptocurrencies to store all their savings. It is all about high volatility and their extreme instability – it is impossible to accurately predict the course, which can change the order in a short time.

At the same time, cryptocurrencies have all the advantages compared to financial money – additional security, low transaction fees, transfer speed, transparency, reliability and independence from external financial institutions. All this is done in accordance with the format of financial relations, which continues to develop dynamically.

Solutions to problems related to the voluntariness and reliability of the contribution to steel – and cryptocurrencies with a stable exchange rate.

Which resource is the most stable? The most sought after and reliable. Which resource is the patron of all existing resources? The situation and other factors affect the dependence on cataclysms. – This is the land. The Genesis 2.0 group of companies has developed the ERTC platform, which includes:

  • ERTCoin – stablecoin, confirmed by legal ownership of land
  • Private ERTC blockchain in which any device can be a mobile node
  • SmartWallet – an electronic wallet on which ERTCoin and other currencies are stored, all transactions and purchases / sales are also carried out
  • ERTCoin with legal confirmation of ownership
  • The electronic payment system, which provides mobile communications, provides new opportunities and opportunities for paying for goods and services, converting, saving funds and transactions from anywhere in the world.

The issue takes place on the ERTC platform thanks to the Validation process – the procedural verification of land ownership must be confirmed.

Validation takes place in four stages:

  • The user uploads a pool of documents confirming his ownership.
  • The legal service and AI verify the authenticity of documents and request data in specialized services.
  • ERTCoin according to the number of square meters of land
  • The user receives half of the issued ERTC in their electronic wallet

Conference participants from 13 countries have already registered more than a million ERTC platforms.

Today, the ERTC team completed the first two stages and has already begun to conclude the third stage – the development of a full-cycle electronic payment system for individuals and legal entities. lack of.

The possibilities of EPS are not limited when purchasing goods, services, geography of participants, jurisdiction and economy, are not determined by geopolitical factors and are dependent on the right field and legal requirements.

A personal online bank, a private block bank with a unique technological mobile network, all these requirements make it possible to confidently assume that the electronic payment system ERTC is a promising medium-term financial one.

The ERTC project represents full-fledged opportunities for interaction with other states – “money”, in which virtually any individuals and legal entities are used — using an electronic payment system. cost of commission, convenient and affordable.

ERTC erases the geographical boundary and makes financial interaction of any level safe and comfortable.

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Binance Delists Trading Pairs




Binance: to improve liquidity and user trading experience among our wide range of available assets, Binance will remove and cease trading on the following trading pairs (as requested by most project teams) at 2019/09/30 8:00 AM (UTC):


Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. Binance will make best efforts to choose high quality coins, but will not be responsible for your trading losses.

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Metaverse Foundation Launches New DNA Token on RightBTC



Goldman Sachs

Metaverse announced today that their Dual Chain Network Architecture, has officially launched the native DNA token on RightBTC, a leading cryptocurrency exchange, with trading having commenced at 6:00 am UTC, September 10th

“The listing on RightBTC will provide huge liquidity to the DNA token, as well as a valuable new stable coin on-ramp through USDT,” said Eric Gu, CEO of Metaverse Foundation. We’re very proud of the fast development and the market entrance of the Dualchain solution, and we will keep on delivering technology improvements to the industry.”

Founded in 2016, Metaverse is a pioneering public blockchain that solves three of the major pain-points for blockchain technology – scalability, security, and true decentralization. Having emerged as a top 100 blockchain project by market cap despite the tough market conditions of 2018, Metaverse is now poised to launch its full suite of blockchain products. However, Metaverse is distinctly different from other blockchain projects, bringing together multiple distributed ledger technology (DLT) innovations within one unified ecosystem.

So, what makes Metaverse different from other DLT projects, and how is their Dualchain solution disrupting the current structure of blockchain protocols

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Binance Partners with Paxos to Launch USD-Backed Stablecoin ‘BUSD’




The regulated financial institution that digitizes and mobilizes assets, Paxos Trust Company, and global cryptocurrency exchange and blockchain ecosystem, Binance, today announced its partnership to launch a USD-denominated stablecoin, Binance USD (BUSD), which has received approval from the New York State Department of Financial Services (NYDFS).

Rich Teo, Paxos Co-Founder and CEO Asia, commented, “NYDFS’s approval of BUSD is a vital step towards long term stability in global crypto markets. We are proud that our stablecoin as a service offering enables trusted companies like Binance to introduce products customized for their users. The Paxos brand symbolizes regulatory integrity, consumer protection and transparency for all of our partners.”

Later this month, BUSD will be available on the Paxos platform for direct purchase and redemption 1:1 for U.S. dollars and available on for trading initially against BTC, BNB and XRP. Paxos will serve as the USD custodian and issuer of BUSD.

“Paxos is leading the digital trusts space and we are excited to work with them in developing our native stablecoin,” said CZ (Changpeng Zhao), Binance CEO. “We hope to unlock more financial services for the greater blockchain ecosystem through the issuance of BUSD, including more use cases and utility through the power of stable digital assets.”

Additional details regarding this partnership will be revealed on-stage at Invest: Asia 2019 where Paxos’ Rich Teo and Binance’s CFO Wei Zhou will discuss it live on September 12, 2019, at 4:20 pm local time.

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PNC becomes first US bank on RippleNet




PNC Treasury Management has gone live with RippleNet, becoming the first US bank to process cross border payments for its client using the blockchain platform. RippleNet, which PNC joined in September of 2018, is Ripple’s growing, global network that allows financial institutions to process customers’ payments anywhere in the world instantly, reliably and cost-effectively.

As the first US bank to process these payments in real-time, PNC offers commercial clients in the US with the ability to receive a payment from an overseas buyer against their invoices instantly, transforming the way they manage their global account receivables and allowing them to better manage their working capital.

RippleNet provides a frictionless experience to send money globally using the power of blockchain within a secure, closed payment infrastructure.

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Bitcoin (BTC) has formed a series of higher lows in the past few weeks, which is a positive sign. It shows that bulls are not waiting for the price to fall to strong supports to buy, but are buying a little higher each time. As a result, we find a symmetrical triangle pattern developing on the chart.


The bulls will now attempt to push the price to the downtrend line of the triangle. A breakout of this level will indicate a resumption of the uptrend. Therefore, traders can buy on a breakout and close (UTC time) above the triangle with a stop loss of $9,000. The pattern target is $17,233.92, The rally might face resistance at $13,973.50, but we expect it to be crossed.

Our bullish view will be invalidated if the BTC/USD pair turns down either from the moving averages or from the downtrend line of the triangle and plunges below $9,080. Such a move will indicate selling at higher levels. The next level to watch on the downside is $7,451.63. Both moving averages are flattish and the RSI is just below 50, which shows a balance between buyers and sellers. Hence, we are not proposing a buy at current levels.


Ether (ETH) has broken out of the downtrend line. This shows that selling pressure has reduced in the short term. The bulls will now attempt a recovery, which will pick up momentum on a breakout and close (UTC time) above 20-day EMA.


Aggressive traders can buy on a breakout and close (UTC time) above 20-day EMA and keep a stop loss of $174. The target to watch on the upside is $235.70. There is a minor resistance at the 50-day SMA, but we expect it to be crossed. This is a counter-trend trade, hence, the position size should be kept at 50% of usual.

If the ETH/USD pair fails to ascend the 20-day EMA and turns down, it will retest the recent lows. A breakdown of $174.461 will resume the downtrend and a fall to $150 will be in the cards.


When a breakdown of a critical level fails to pick up momentum, it shows a lack of sellers at lower levels. This increases the probability of a pullback, catching many bears off guard. The failure of bears to capitalize on the breakdown of the $0.27795–$0.24508 support zone is a bullish sign. If buyers can propel XRP above the 20-day EMA and sustain the level, it will indicate strength.


Aggressive traders can buy on a close (UTC time frame) above the 20-day EMA and keep a stop loss of $0.24. If the price sustains above $0.27795, it will re-enter the range. We then expect it to gradually move up to $0.45 in the medium term. However, at current levels, this is a counter-trend trade, hence, we suggest traders keep the position size at about 50% of usual.

On the upside, there might be a minor resistance at the 50-day SMA, but we expect it to be crossed. The short-term target is $0.34229. Contrary to our assumption, if the XRP/USD pair reverses direction from the 20-day EMA and plunges below the yearly low, a drop to $0.19 is possible.


The bulls have successfully defended the trendline of the ascending channel for the past two days, but have failed to propel the price above the 20-day EMA. Bitcoin Cash (BCH) is stuck between the trendline of the channel and the moving averages.


A breakout of the moving averages can carry the price to $360, above which we expect the BCH/USD pair to pick up momentum. Conversely, on the downside, if bears break below the neckline of the developing head and shoulders (H&S) pattern, the trend will turn negative. The next support on the downside is at $166.98 and below it, a fall to $105 is possible. We suggest traders wait for the price to break out of $360 before attempting long positions.


Buying when the price is below down-sloping moving averages might result in quick losses because it is difficult to predict the bottom in a downtrend. Though Litecoin (LTC) has held the support at $69.9227 for the past few days, a failure to rebound sharply shows a lack of conviction among buyers.


Unless the LTC/USD pair bounces above the 20-day EMA within the next three to four days, the likelihood of a breakdown below $69.9227 increases. If this support breaks down, the decline can extend to $58. Conversely, a breakout above the downtrend line will be the first sign that the trend is changing. Until then, we suggest traders stay on the sidelines.


Binance Coin (BNB) has held the support at $26.202 for the past two days. However, the lack of a strong bounce suggests that bulls are not aggressively buying at current levels. A breakdown of $26.202 can result in a fall to $24.1709, which is an important support. If this level gives way, the trend will turn negative.


Conversely, if the BNB/USD pair rebounds sharply from current levels, the important resistance to watch is the 50-day SMA, because bulls have not been able to scale this in the past few weeks. A breakout and close (UTC time frame) above the 50-day SMA will signal a probable resumption of the uptrend. The pair might face minor resistance at $32.50, above which a retest of lifetime highs will be in the cards. Traders can wait for the price to sustain above the 50-day SMA before initiating long positions with a stop loss of $26.


EOS again held the support at $3.30 on Aug. 21. This is the third time the support has held since July 16, which makes it a critical level to watch out for. If bulls can now scale above the 20-day EMA, it will increase the probability of a rally to $4.8719.


Nevertheless, if bears defend the 20-day EMA and the EOS/USD pair declines to $3.30 once again, the probability of a breakdown increases. Feeble rebounds from a strong support and repeated retests of the support level within a short span of time show a lack of demand. Below $3.30, the support levels to watch are $2.69 and below it $2.18. We are currently neutral on the pair.


Bitcoin SV (BSV) has been trading between the 20-day EMA and $130 for the past few days. This tight range is unlikely to sustain for long. Soon, we will see an expansion in volatility. If the price breaks out of the downtrend line and the 50-day SMA, a quick move to $188.69 is likely. We might suggest a short-term trade if the price sustains above the downtrend line.


However, if the price breaks down of $123.67, the BSV/USD pair can plunge to $107. This is a critical support to watch on the downside. If it breaks down, the pair will turn negative. As long as the price remains below the downtrend line, we do not find any buying opportunity because it indicates that bears have the upper hand. We will wait for the trend to change before recommending a long position.


Monero (XMR) continues to trade inside the $98.2939–$72 range. The price action inside the range is usually volatile and difficult to call, hence, it is best to either establish a long position on a breakout of the range or wait for the price to correct to the support to buy.


The XMR/USD pair has formed a symmetrical triangle and will make a decisive move after breaking out or breaking down of it. A breakout of the triangle can offer a buying opportunity with a target objective of $120, while a breakdown of the triangle can result in a fall to $60 and lower. Currently, we do not find any reliable buy setups, hence, we suggest traders remain on the sidelines.


Stellar (XLM) is stuck in a tight range of $0.072545–$0.065. While bulls are supporting the price at the lower boundary of the range, bears are defending the upper boundary. After a major breakdown, if the price does not follow through to the downside, it offers a buying opportunity because it indicates a lack of sellers at lower levels.


A breakout and close (UTC time) above the 20-day EMA will be the first sign that markets have rejected the lower levels because the XLM/USD pair has not closed (UTC time) above the 20-day EMA since breaking down of it on June 25.

Therefore, aggressive traders can buy on a close (UTC time frame) above the 20-day EMA and keep the stop loss at $0.065. This is a counter-trend trade, hence, we recommend keeping the position size only about 50% of usual. The first target on the upside will be a move to the 50-day SMA and above it $0.097795.

Conversely, if the XLM/USD pair breaks below $0.065, it will resume the downtrend that can extend to $0.05.

Market data is provided by the HitBTC exchange.

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Seoul to Release Native Cryptocurrency by November in Blockchain Smart City Transition




Seoul is nearing several significant milestones in its journey towards becoming a blockchain smart city, blockinpress reports. By November, it aims to have the following in place:

  1. Public services accepting Korea’s national blockchain ID system as valid documentation.
  2. A blockchain system for managing part-time worker labour contracts, insurance and work history.
  3. A native city-wide cryptocurrency, dubbed S-coin.

According to blockinpress, S-coins will be redeemable for rewards and given to citizens when they use public services and participate in citizenship duties, such as paying taxes and participating in public opinion polls.

Beyond that, the potential applications of a digital currency such as S-coin are almost limitless, as a way of shaping people’s behaviour and streamlining interactions in the smart cities of the future.

The value of S-coin

To understand the value of the S-coin – the real rather than speculative value – it’s important to understand that one of the guiding principles of Seoul’s smart city program is to put engaged citizens at the centre of everything. After all, a city (and the entire planet for that matter) is for the benefit of its inhabitants first and foremost.

A native cryptocurrency is an excellent way of incentivising desirable behaviour in an organic way.

As people have previously said, government incentives have historically been oriented almost solely around punishments. Citizens behave because they get punished if they don’t. But just about every piece of behavioural research on the planet says a combination stick and carrot approach is by far the best way to instil desirable behaviour in humans and other animals.

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Coinbase continues to explore support for new digital assets



Coinbase Says

Coinbase’s goal is to offer support for all assets that meet our technical standards and which comply with applicable laws. Over time we expect our customers around the world will have access through Coinbase to at least 90% of the aggregate market cap of all digital assets in circulation. To make this vision a reality, we evaluate prospective assets against our Digital Asset Framework to assess factors like security, compliance, and the project’s alignment with our mission of creating an open financial system for the world.

Digital Assets Under Review

Today we’re announcing that we are exploring the addition of a range of new assets. As part of the exploratory process, customers may see public-facing APIs and other signs that we are conducting engineering work to potentially support these assets.

These new assets include, in alphabetical order: Algorand, Cosmos, Dash, Decred, Matic, Harmony, Ontology, and Waves.

Our decision to support any asset requires significant technical and compliance review and may be subject to regulatory approval in some jurisdictions. We therefore cannot guarantee whether or when any above-listed asset will be listed on a Coinbase product in any jurisdiction.

As per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations. The omission of assets from this publication does not disqualify any asset from active review and potential listing.

Our customers can expect Coinbase to make future, similar announcements as we continue to explore the addition of numerous assets across the platform.

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Iran Announces New Rules to Regulate Cryptocurrency Market



Iran crypto

New rules have been introduced by the Iranian government for regulation of cryptocurrency market as more people become interested in mining digital coins as a way of accessing international currencies at the time US sanctions.

A bill ratified by the Iranian Cabinet and released on Sunday said that the government will not recognize as lawful any trade activity carried out inside Iran involving cryprocurrencies.

It said the government and the banking system would not view the digital coins as legal tender and the Central Bank of Iran would not guarantee their value.

However, the bill said mining digital currencies would be allowed inside Iran under certain conditions, including if miners obtain the approval of Iran’s industry ministry, do not mine the currencies inside a 30-kilometer boundary of all provincial centers except for the capital Tehran and the central city of Esfahan where tougher restrictions apply.

It said the miners should also observe rules set by Iran’s standardization and communications authorities for mining machines, adding that certain fees will be applied for the energy used for mining the currencies.

Discussing the fees, the bill said authorized mining farms should be charged for the electricity, or the natural gas used to generate electricity, based on prices applied for the export of energy from Iran.

It said mining farms would be taxed like industrial manufacturing units unless the owners return the money earned from the export of their digital currencies back to Iran’s economic cycle.

The bill said Iran’s ministry of industry shall be free to devolve its powers to authorities in special economic zones if foreigners want to set up mining farms in those areas.

The new rules comes more than a month after reports suggested that mining farms were mushrooming across Iran in places where subsidized electricity was on offer.

Authorities had hinted in the midst of a crackdown on those farms that they would recognize cryptocurrency mining as it could ease government’s access to sources of foreign currency at a time of US sanctions.

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