Iranian Crypto Mining Law
Iran’s cryptocurrency mining industry has been regulated since last year. The Iranian government officially recognized cryptocurrency mining as an industry in August after months of deliberation, Aljazeera reported on Aug. 4, 2019. Crypto miners must be licensed by the Ministry of Industry, Mine and Trade before beginning their operations.
However, Amir Hossein Saeedi Naeini told Ibena that discussions are underway to set more favorable terms for crypto miners. Meanwhile, Iranian President Hassan Rouhani has been discussing creating a unified cryptocurrency for Muslim countries with leaders of other Muslim nations.
Amir Hossein Saidi Naeyni, representative of the ICT Guild Organization, spoke about the state of the country’s cryptocurrency industry. In an interview with Ibena, he said that cryptocurrency mining is a new industry that attracts many in Iran. He noted that miners should obtain a license for work and said:
“The Ministry of Industry has issued over 1,000 cryptocurrency mining licenses in the country. Our research shows that the cryptocurrency mining industry can bring the economy $ 8.5 billion. ”
Amir Naeyni believes that the cryptocurrency industry can help Iran’s economy. However, he explained that the high cost of electricity is a serious problem for cryptocurrency miners. Although “a number of large companies” were created, an ICT Guild Organization representative noted:
“High electricity tariffs plus strict regulation has made the sector less attractive to small investors.”
He expressed the opinion that “the working conditions in this industry should not be such that only large companies enter the cryptocurrency mining market, and all miners should be able to work.” He emphasized that changing electricity tariffs could stimulate the mining industry to generate more revenue.
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