Iran: Stock Market Scandal Highlights the Regime’s Deceiving Policies

(NCRI) and (PMOI / MEK Iran): the excessive growth of bitcoin mining in a country that is inadequately to handle it.

The National Council of Resistance of Iran (NCRI), and the People’s Mujahedin of Iran (PMOI / MEK Iran), reported that the CEO of Tehran’s Stock Exchange Market resigned on September 29 after it was disclosed that hundreds of cryptocurrency miners had been located in the building’s basement.

Tehran’s Stock Exchange Market

When it was first reported that there was a mining farm in the building of Tehran’s Stock Exchange Market, the organization’s public relations department flatly rejected it.

“Since 2020, due to the migration of liquidity from the stock exchange to cryptocurrencies, and the creation of the liquidity outflow crisis, an investigation, and research project has been launched,” it stated in a statement.

According to an announcement by the stock exchange organization, “during the supervision of the stock exchange organization, several miners who the stock exchange company exploited were discovered in the building of the aforementioned company,” the state-run Mashreq News reported on September 29. During our examination, we discovered that the conduct was not completely documented and declared in the company’s reports and accounts.”

Ali Sahraei, the CEO of Tehran’s Stock Exchange Market, designed to hide the controversy. “I submitted my resignation to the board of directors of the Tehran Stock Exchange to create an opportunity for further research on the issue of cryptocurrency mining in the Tehran Stock Exchange and to consolidate the capital market, and the board approved my resignation,” he claimed in a statement.

Tavanir, Iran’s electrical company

Tavanir, Iran’s electrical company, initially denied the existence of miners. Tavanir then refused to comment on the issue following Sahraie’s resignation. Meanwhile, the state media said that these miners consumed a large amount of electricity.

This new scandal occurs as the administration continues to detain ordinary citizens for having one or two miners at home. The ongoing electricity scarcity in Iran is due to the regime’s deliberate cryptocurrency mining, according to state media. The Revolutionary Guards (IRGC) runs these farms solely to earn revenue to fund its illegal activities.

The discovery of this mining farm in Tehran’s Stock Exchange building follows months of demonstrations by cheated citizens who were deceived into investing in the Stock Exchange Market and then plundered by the regime. In the previous few months, there have been dozens of rallies by duped creditors.

Hassan Rouhani’s government designed a strategy to pillage Iranians using the Stock Exchange market to pay for his government’s budget shortfall, which was overseen by the regime’s Supreme Leader, Ali Khamenei. On May 9, 2020, the state-run Jahan-e Sanat daily predicted a budget deficit of around 2,000 trillion rials as a result of lower oil and tax income.

People were deceived into investing

People were deceived into investing in the stock exchange by the dictatorship, which created a bubble and promised a thriving stock market. However, in January, the major index of the Tehran Stock Exchange (TSE), TEDPIX, plunged swiftly, and this trend continued, ending in a huge collapse of the TEDPIX. Millions of Iranians lost their life savings as a result, but the regime was able to cover its budget deficit.

The recent discovery of a cryptocurrency mining farm at the Tehran Stock Exchange building revealed the regime’s systemic corruption once again. Within the previous four decades, corruption has wreaked havoc on people’s lives.

“The entanglement of the system’s problems is such that the cost of adopting scientific and logical ways to solve society’s problems becomes heavier,” the Etemad daily stated on Wednesday, admitting that the government has no answer to the protracted economic disaster it has caused.


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