Iran will promote the legalization of the encryption mining business

Iran will promote the legalization of the encryption mining business

Translator: Play the coin family ElaineHu

Iran officially recognizes that cryptocurrency mining is a legitimate industry in its territory.

According to the Chamber of Commerce, Industry, Mining and Agriculture of the Iranian government, the Iranian Economic Commission approved the encryption mining business on Sunday, and the government is currently looking for ways to regulate such activities within its existing legal framework.

Iranian central bank governor Abdolnaser Hemmati said in a statement: "The government's economic committee approved a mechanism for mining digital currency , which will be discussed later at the cabinet meeting."

Similarly, Homayun Haeri, deputy minister of energy for electricity and energy, said government ministers would vote on a bill that would approve the mine's electricity price plan.

The Iranian government has been hesitant to approve mining as a legal industry. Last month, two encrypted mines were seized and closed by the authorities.

Haeri also said in the past that the government should not subsidize the encryption mining industry.

However, due to the low price of electricity, the region has long been attractive to crypto-miners.

Cryptographic currency application

Although encryption mining seems to have obtained initial permits in Iran, it is unclear whether officials are changing their stance on domestic payments using cryptocurrencies and how this position will change.

The Iranian central bank has proposed to ban the use of cryptocurrencies in domestic payments at the end of January, but industry stakeholders in the country are opposing the ban.

The two Iranian citizens remain the only individuals on the USAC's Office of Foreign Assets Control (OFAC) sanctions list for Bitcoin activities.

Last year, OFAC sanctioned Ali Khorashadizadeh and Mohammad Ghorbaniyan for allegedly facilitating payment for SamSam ransomware.

Although Ghorbaniyan admits to facilitating these payments, he claims that he does not know the source of these funds.

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