Crypto Mining In Iran Is Under The US Radar

It seems like the troubled relationship between the US and Iran has been transferred to the cryptocurrency sector. After spending millions on petroleum, technology and industry products, the latest cryptocurrency news show that crypto mining in Iran is being watched by the US.

In fact, the US is now working to come up with the legislation that will ban Iran’s access to mine cryptocurrencies – something that was revealed by the assistant minister of industry, trade and supply of Iran, Saeed Zarandi.

In a statement, Zarandi spoke about the crypto mining in Iran and said that the US is trying to block Iran’s crypto mining industry related to Bitcoin (BTC) and other cryptocurrencies. One local service called Al-Fars reported this two days ago.

According to the minister, the US Congress is thinking of coming up with a legal ban on the cryptocurrency mining against Iran as it sees cryptocurrency as a tool that is used by the country for money laundering and evading other various sanctions imposed by UN on Iran. The US also introduced bills to ban illicit access to funding by Iran through cryptocurrency in the Senate and the House in December last year. However, none of the bills has yet been passed.

As the coming altcoin news show, the Minister was also asked about the current state of cryptocurrencies in Iran as many organizations so far have complained that the country has failed to provide a conducive environment for cryptocurrencies. In response to this, Zarandi noted that government officials are working with the central bank of Iran to iron out all the problems and challenges faced by cryptocurrency organizations. Soon, he said, the issues related to their usage will be settled.

Last month, Iranian authorities confiscated around 1,000 machines used for crypto mining in Iran – more specifically – Bitcoin mining. The ministry of energy announced that it is going to crack down on the suspected Bitcoin and crypto miners who are alleged to take advantage of the cheap electricity rates offered by the Iranian government for mining crypto.

Industry experts featured on many best cryptocurrency news sites now believe that if the US Congress passes the legislation and bans the crypto mining in Iran, it may have a detrimental effect on the whole industry – especially the supply side and the availability of Bitcoin and other coins.