Iran mining will be legalized
Mining

Iran mining will be legalized

By Marco Cavicchioli - 5 Sep 2018

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The relationship between Iran and cryptocurrencies is evolving rapidly.

Some time ago, the country introduced a crypto ban that could soon be completely removed.

Meanwhile, the local currency is losing its value, and the country is considering issuing its own cryptocurrency.

A first practical step towards the removal of the ban would seem to be the official recognition of mining as a legitimate activity.

According to IBENA, the financial and economic news agency of the Central Bank of Iran, the Secretary of the Supreme Council of the Iranian Cyberspace, Abolhassan Firouzabadi, reports that the government has finally accepted the extraction of cryptocurrencies as a lawful activity, effectively removing the ban, at least on this front.

The decision was agreed with all other public sector related organisations, such as the Ministry of Communications and Information Technology, the Central Bank, the Ministry of Industry and Trade, the Ministry of Energy and the Ministry of Economic Affairs and Finance, although the final legislation policy has not yet been passed.

Furthermore, the National Cyberspace Center is working together with the Iranian Central Bank to manage the regulation of the exchange rates from fiat to cryptocurrencies, in order to create a general normative framework and to identify the State policies for this sector.

Some announcements regarding this topic will be made by the end of September, although in reality no final decision has yet been taken.

Firouzabadi also confirmed that they are working on the launch of a national cryptocurrency, which could be used as a financial transaction tool with Iran’s trading partners and allies, in order to circumvent US sanctions.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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