Iran’s Supreme Cyberspace Council has officially recognized cryptocurrency mining as a legitimate industry, a move that could help the Islamic Republic quell the pending blowback from U.S. sanctions. The news seems to have ignited a flurry of buying interest on domestic exchanges, with the bitcoin price clocking in at a new record high of $24,000.
The $24,000 figure was quoted on multiple digital currency exchanges but most notably Exir, where BTC traded hands at a price of 1,020,000,000 IRR. That quashes the previous high of $20,000 per coin. By comparison, bitcoin traded at around $7,000 on major cryptocurrency exchanges on Wednesday.
Ethereum was also significantly inflated, with Exir quoting a price equivalent to around $900. The second-largest cryptocurrency by market capitalization was worth roughly $260 globally.