Mining Cryptocurrencies In Iran Becomes An Official Industrial Activity

Mining cryptocurrencies in Iran has officially been recognized as a legitimized industrial activity according to the reports from Mehr News Agency which say that the decision was brought upon during the Sunday cabinet session with the Iranian President Hassan Rouhani.
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In the latest cryptocurrency news today, we look at the history that led to this decision.

The cryptocurrency miners in the country will be required to obtain a license from Iran’s Ministry of Industry, Mines, and Trade. However, they will also need to learn that mining is a taxable activity except for the virtual currencies that are sent abroad and the revenues are redirected to Iran’s developing economy. Also, cryptocurrencies are still rated as illegal in Iran and are outlawed as modes of transactions and payments.

Mining cryptocurrencies in Iran became legal thanks to the crypto-friendly government which is still crypto-phonic in some sense since it continues to warn citizens who buy cryptocurrencies that they are at risk when they are holding and handling transactions emphasizing that the banks will not guarantee in case of losses. The green light from the Iranian cabinet was announced by the governor of the Central Bank in Iran Abdolnaser Hemmati where he stated:

 “A mechanism to mine digital coins was approved by the government’s economic commission and will later be put to the discussion at a cabinet meeting.”

According to the Mehr news reports, the legal approval of the mining industry in Iran is a good sign for many crypto experts and maybe the first step towards legalizing the cryptocurrencies in Iran. The country could soon become a crypto-hub for exchanges and other entities. Besides, the mining sector proved to be very useful in bypassing the economic sanctions and crises in the country.
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Considering that Iran already has the basic resources for mining which is cheap electricity, it is very smart move to use them in order to save its economy. The country is still one of the cheapest places in the world where you can mine cryptocurrency as we mentioned in the previous altcoin news. In 2017 alone, the country spent about $45 billion on energy subsidies since it has a rate far lower than the global average.