Crypto Mining Legalized in Iran

Cryptocurrency mining is officially being recognized as an industry by Iran, within its borders. Crypto Mining Legalized in Iran. Global xchange.

According to the government economic commission, Iran Chamber of Commerce, Industries, Mines and Agriculture, crypto mining was approved on Sunday. The Iranian government is now looking to regulate this activity within the existing legal structure. Global X change.

Abdolnaser Hemmati, Central Bank of Iran governor, said in a statement:

“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 , deputy minister energy for electricity and energy, similarly said an electricity rate for mining farms will be voted upon by government ministers.

Globalxchange. Two mining farms were seized and shut down by authorities, last month, as the Iranian government vacillated on whether to approve of mining as an industry or not.

The region has long been attractive to miners due to the cheap electricity rates available. In the past, however, Haeri has been quoted as saying the government should not subsidize crypto mining efforts. Globalxchange.

Crypto usage

It remains unclear if officials are changing their stance on using cryptocurrencies for domestic payments, as crypto mining now has been given a tentative green light in Iran. If the stance on using cryptocurrencies has indeed changed, there is no mention of how.

Global xchange. Despite local industry stakeholders pushing back against it, the central bank recommended barring crypto usage for domestic payments at the end of January.

The only individuals to be placed onto the U.S. State Department Office of Foreign Asset Control (OFAC)’s sanctions list for bitcoin activities specifically, are two Iranian nationals remain.

OFAC sanctioned Ali Khorashadizadeh and Mohammad Ghorbaniyan for their alleged roles in facilitating payments for the SamSam ransomware last year.

Ghorbaniyan admitted to facilitating these payments, but claimed he was not aware of the funds’ origins.