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.

Currency search: Bitcoin search engine www.btcsearch.com

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Facebook holds high "Libra" Bitcoin market rises

Bitcoin has continued its rise for several months. At the end of May, once it broke through 9,000 US dollars, it quic...

Blockchain

Bitcoin 11 years: "hard core" 100 things

On October 31, 2008, Nakamoto sent a Bitcoin white paper to members of the Cryptographic Money Mail Group. The era of...

Bitcoin

Does the team's actions really have an impact on the price of the coin?

Does teamwork in action really make the price of coins rise more during a bull market? Is it also more resistant to d...

Market

Why is Bitcoin always "wildly fluctuating" on weekends?

According to recent Bloomberg data, the surge in trading activity over the weekend since May accounted for 40% of Bit...

Blockchain

Bitcoin hit $12,000, and this crazy situation is reminiscent of 2017...

Investors who have not yet boarded the car, is this a great opportunity for the rich, or is it another feast for the ...

Blockchain

The Bitcoin code will be added to the GitHub Millennium Code Preservation Program, which will be buried in the Arctic underground for 1000 years without damage.

Bitcoin's open source code (at least its latest submission) is already available for storage in the Svalbard Vau...