Crypto Mining Accepted as an Industry by Iranian Authorities

The Secretary of Iran’s Supreme Cyberspace Council exposed that a variety of ministries of the country’s government have approved crypto mining as an sector, community news agency IBENA reports September 4.

According to the report, the Cyberspace Council’s secretary Abolhassan Firoozabadi pressured that the mining of cryptocurrencies these types of as Bitcoin (BTC) has been approved as an sector by main government authorities. Nevertheless, formal laws forming a legal framework for the sector has however to be introduced in the country.

Firoozabadi reported that crypto mining has been approved as an sector by Iran’s main authorities, such as the Ministry of Information and Communications Engineering, the Central Financial institution, the Ministry of Industry, Mine and Trade, the Ministry of Strength, as perfectly as the Ministry of Economic Affairs and Finance.

Firoozabadi stated that the Iranian Nationwide Cyberspace Center is building a platform for cryptocurrency mining regulation. He included that the government is also taking into consideration the start of a countrywide cryptocurrency in purchase to create a monetary tool to cooperate with Iranian company companions amid economic strain from U.S. sanctions.

The secretary reportedly claimed that the suitable authorities will introduce a regulatory framework for crypto-related startups and companies in late September.

In late August, Iran’s Nationwide Cyberspace Center exposed that the draft of the state-backed cryptocurrency project is prepared, pursuing recommendations from President of Iran Hassan Rouhani. At that time, the deputy director in charge of drafting polices for Iran’s Supreme Cyberspace Council claimed that the strategy of launching a countrywide cryptocurrency is being actively pursued.

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