Page 37 - IRANRptNov21

blackouts that have also been caused by surging electricity demand amid a very hot summer and a lack of hydroelectric output due to drought.
Bitcoin and other cryptocurrencies are created through a process known as mining, where powerful computers compete with each other to solve complex mathematical problems.
According to blockchain analytics firm Elliptic, around 4.5% of the world’s Bitcoin mining takes place in Iran. It produces hundreds of millions of dollars in revenue from cryptocurrencies that can be used to lessen the impact of US sanctions.
Cheap state-subsidised power has attracted miners, particularly from China, to Iran. Generating the electricity they use requires the equivalent of around 10mn barrels of crude oil a year, or 4% of total Iranian oil exports in 2020, according to Elliptic.
7.2 Forex platform
Iran Mercantile Exchange sets up another trading floor in cement
Iran’s central bank launching ‘Diba’ platform to supervise banks’ operations in forex
Iran Mercantile Exchange (IME) has set up another trading floor in cement, according to local media reports.
Following an announcement by the Ministry of Industry, Mining and Trade on banning the sale of cement outside the IME earlier this year, renewed interest in trading the commodity brought traders back to the central trading hub. Iranian cement manufacturers have now relisted their products on the exchange as part of the restructuring of sales.
Since June 30, when cement trades started on the mercantile exchange, 10.74mn tonnes of cement have been offered, against demand for 12.20mn tonnes. Total trading volume reached 8.79mn tonnes, IME data showed. Demand for domestic cement remains strong with the country aiming to build 4mn new houses and apartments over the four-year course of the Raisi administration, which took office in August. The commitment to the housing plan bumped up the cement price.
Iran has a growing regional export market for its cement, with sales expanding in neighbouring countries including Iraq, Armenia and Afghanistan, where the price of Iranian cement is often cheaper than what is offered by domestic producers.
The Central Bank of Iran (CBI) has launched a new financial platform dubbed “Diba” to supervise banking operations in foreign exchange nationwide, IBENA has reported the CEO of the state-owned Informatics Services Corporation as saying.
According to the information disclosed, Diba will play a role in the regulation of the foreign exchange market, similarly to “Nima” and “Shaparak”, two other financial mechanisms launched by the national lender in recent years against a backdrop of market volatility and disruption caused by US sanctions.
“The Diba [system] is a regulatory platform like Shaparak, developed to regulate the function of payment service provider (PSP) companies,” Aboutaleb Najafi said, adding: “Banks have begun to offer open banking services, which allows [software] developers to create applications and offer
37 IRAN Country Report November 2021 www.intellinews.com