Cryptocurrency Mining Officially Approved as an Industry in Iran

Cryptocurrency Mining Officially Approved as an Industry in Iran

The Government of Iran has decided to recognize cryptocurrency mining as an industry by declaring cryptocurrency mining officially recognized as an industry, at least within its borders.

The Iranian government’s announcement noted that the nation’s central financial institution will serve as a “trustee in [the] foreign exchange area” and as a “decision-making authority” in outlining the framework and policies for the “trade and participation of [local cryptocurrency] startups.”

Secretary Abolhassan Firouzabadi stated that the country will declare full terms of regulation and policy for cryptocurrencies and mining by the end of September 2018, IBENA reports.

According to IBENA, Firouzabadi stressed that mining of cryptocurrencies like Bitcoin had “been accepted as an industry in the government and all related organizations..” These include the government’s Ministry of Communications and Information Technology, Central Bank, Ministry of Industry, Mining and Trade, Ministry of Energy, as well and Ministry of Economic Affairs and Finance.

This news comes shortly after Iran revealed that it has completed the development of its national cryptocurrency.
Presumably, only government-approved organizations may conduct cryptocurrency mining in Iran since the nation has not yet clarified its stance regarding cryptocurrencies.

Cryptocurrency Mining Officially Approved as an Industry in Iran

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