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Iranian businesses approved to use crypto for imports

Iran’s Industry, Mines and Trade ministry has approved the use of cryptocurrency for imports into the country amid ongoing international trade sanctions.

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Iran’s Industry, Mines and Trade ministry has approved the use of cryptocurrency for imports into the country amid ongoing international trade sanctions.

Trade minister Reza Fatemi Amin confirmed that detailed regulations have been approved outlining the use of cryptocurrencies for trade and supplying fuel and electricity to Bitcoin and crypto miners in the country.

Amin outlined the regulatory change at an automotive industry exhibition on Aug. 28, just a week after the country had placed a first-ever import order for vehicles, to the tune of $10 million, using cryptocurrency as a payment method. The Iranian trade ministry had previously indicated that the use of cryptocurrencies and smart contracts would be widely used in foreign trade by September 2022.

Following the cryptocurrency-funded import, Iran’s Import Association called for clear-cut regulatory parameters to ensure that local businesses and importers are not hamstrung by shifting directives.

The minister noted that the new regulations specify all issues related to cryptocurrencies, including the process to grant licenses as well as the provision of fuel and energy to mining operators in the country.

It is understood that local businesses will be able to import vehicles into Iran and a range of different imported goods using cryptocurrencies instead of U.S. dollar or euro payments. International trade sanctions against Iran have been largely due to opposition to its nuclear program, which has essentially cut the country out of the global banking system.

Iran has since shifted its attention to adopting cryptocurrencies as a means to address and potentially bypass sanctions for imports, given the decentralized nature of public blockchains like Bitcoin and Ethereum.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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