Government Of Iran Officially Legalized Crypto Mining

Government of Iran finally decided to give a green light to the crypto mining activities despite the issues it had with the authorities in the past. In the coming altcoin news today, we are reading more about the decision they came up with and what will this bring to the country.

According to the Chamber of Commerce, Industries, Mines and Agriculture, the Government of Iran decided to allow crypto mining with a series of legal reforms that will put an end of the period of uncertainty, persecutions, and misunderstandings.
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Iran is legalizing crypto-mining, giving a boost to this activity which was already booming despite the unfavorable position of the authorities. Iran is one of the countries where crypto-mining is the most profitable because of the low electricity costs and subsidies. For the reason, over the past several years there was a wave of miners swamped the country and caused multiple problems in the distribution of energy across many regions. This initiated a movement in the country that was going to actively persecute this activity which actually didn’t stop the miners from mining but just made them go underground.

Due to the U.S. sanctions and the major escalation of tensions between the two countries, the government of Iran began to show a more favorable attitude towards this issue. Iran announced the creation of its own gold-backed cryptocurrency in order to promote the commercial transactions after its exclusion from the SWIFT system but using cryptocurrencies is still a legal void in the country. The increase in crypto mining activity became a major issue to the United States since the regulators believe that this activity could bypass their sanctions. They are now working on a draft to sanction mining Iran according to some statements by officials of the country.

At the moment, the Central Bank of Iran and its Governor Abdolnaser Hemmati confirmed the approval of the new mechanism that will allow mining in the country and stated:

‘’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.’’

As reported in the latest cryptocurrency news, the Deputy Minister of Energy Homayuan Haeri noted that the new decision will let the miners operate in Iran and pay the energy bills without the subsidy offered by the Government of Iran so the country can stimulate the economy and receive extra income on mining.