Iran Announced to Legal Cryptocurrency Mining


Iran is officially announced to legal cryptocurrency mining within its borders.

According to an official post, the Iranian government’s Chamber of Commerce, Industries, Mines and Agriculture, an economic body approved cryptocurrency mining on 21 July. The Iranian government is now looking to make a legal structure to regulate crypto mining.

Abdolnaser Hemmati, Governor of Central Bank of Iran (CBI) further added:

“A mechanism to mine digital coins was approved by the government’s economic commission and will later be put to discussion at a cabinet meeting”

Homayun Haeri deputy minister of electricity and energy said that government minister will vote to approve new electricity rates for cryptocurrency mining.

Last month the Iranian government shut down cryptocurrency mining farms because of an unexpected rise in power consumption. Electricity power supply cut-off until new a bill for new electricity rates will be passed. Miners are attracted to Iran region for crypto mining because of cheap rates of electricity.

Iran also announced to create a national cryptocurrency that is backed by gold. It is unclear about the usage of other cryptocurrencies in the country for any mode of payments. The Central Bank of Iran banned the buying and selling of any cryptocurrencies.

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