28 May 2020
The president of Iran has assigned officials from the central bank and ministries of energy, communications, and information technology and asked them to develop a plan for national cryptocurrency mining strategy.
Iran president, Hassan Rouhani has given importance to the revised national approach for the emerging crypto industry. As per the report by ArzDigital, the president in a seminar for the national economic strategy told officials of the Central Bank of Iran (CBI), energy department, and information and communication technology ministries to come up with a new strategy for crypto mining including regulation and mining revenue.
Iran was the first country to accept crypto mining as a legitimate industry officially back in 2019. The government of Iran also issues licenses to crypto mining firms allowing them to mine and then sell off any digital assets produced. In the last six months the government of Iran has issued 1,000 licenses to crypto mining firms. As per the Bitcoin Mining Map, Iran holds a 4% share in bitcoin’s total hashrate that is more than double as compared to the beginning of September 2019.
Previously, the Iranian parliament had published a bill proposing to apply the country’s strict foreign exchange and currency smuggling regulation to cryptocurrencies. The proposed law demands the cryptocurrency exchanges of the country to first register with the Central Bank of Iran. The law also included fines and imprisonments for the firms smuggling crypto in the country. However, the US blamed Iran Iran for using cryptocurrencies to evade sanctions put on by the US.