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Iran is establishing a legal framework for crypto

2 min read

This week, the Iranian government issued a statement on the need for a legal framework for cryptoactivity in the country. President Hasan Ruhan said the economic intelligence program was a “requirement” to preserve and protect the country’s national interests. The statement comes at a time when the field of digital currencies and emerging blockchain technology is increasingly in focus.

Enlightenment is needed

Iran is thus joining various countries in increasing their understanding and development of the legal infrastructure based on the crypto technologies necessary to stay on top in this area. However, this is not the first time that Iran is considering crypto regulations. In mid-2020, lawmakers forced the country’s central bank to take digital currency issues more seriously.

The recent statement does not only mention the forthcoming legal developments concerning cryptocurrencies. Blasphemy also stressed the need to raise people’s awareness. He called it “necessary” and warned people not to enter the area out of ignorance or unprofessionally.

“We need to realize that this is a very important area. The responsible authorities in the field of capital markets should cooperate with the media and cyberspace in the field of informing, educating and raising public awareness of this phenomenon and its guidelines and laws. “

At the beginning of the global pandemic, Iran spoke out in favor of cryptocurrencies. The Minister of Health called on the whole country to avoid the use of physical money and the use of digital currencies. Of course, at that time the reason was a socially hygienic procedure. However, this commentary well supports the still attractive use of digital currencies.

The ban on cryptocurrency mining continued

Despite these crypto-progressive comments by the Iranian head of state, cryptocurrency mining remains banned. At least until the end of the summer. The president clarified that the attitude to mining has not changed. The Ministries of Communications and Information Technology and Energy remain responsible for ensuring that known mining facilities do not come to power.

Cryptocurrency mining has begun in Iran due to low electricity prices. The number of mining operations has increased in the last few years. The government first set out to develop a strategy to make the most of this development.

However, the attitude towards mining remains the same. Earlier this year, the government fined local miners for using electricity from households. Following the fines, there were reports that the government was using spies to detect miners and their illegal operations. A few weeks ago, the country was facing large-scale power outages, forcing the miners to close down. The government issued a statement that included the introduction of fines for those caught mining.

While Iran is creating space for cryptolegislation, it remains uncertain whether the country can be a hospitable environment for greater crypto-community.

Conclusion

Iran is positive about cryptocurrencies, but not so much about mining. But it is possible that we will see some changes in this area in the future.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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