Crypto Mining Now Accepted as An ‘Industry’ in Iran

Crypto Mining Now Accepted as An ‘Industry’ in Iran

After existing for a couple of years in Iran, crypto mining has finally been accepted as an industry in the country. The Secretary of Iran’s Supreme Cyberspace Council told local news agency IBENA that the various ministries of the government are united in the decision.

Abolhassan Firoozabadi revealed that the major Iranian authorities include the Ministry of Information and Communications Technology, the Central Bank, the Ministry of Industry, Mine and Trade, the Ministry of Energy, as well as the Ministry of Economic Affairs and Finance.

Even though the Iranian Authorities have accepted the industry, no regulations are currently in place to govern the space. The Supreme Cyberspace Council, however, says it will declare a “framework” for participation in the industry by the end of the month.

The “framework” may come in September, but the Secretary did not disclose a timeline for providing a final regulation for the crypto mining industry. However, given Iran’s latest efforts around cryptocurrencies, one would not be wrong to expect that the regulations happen sooner rather than later.

Iran has banned the trading of cryptocurrencies like bitcoin in the past, but approving the industry behind it could signal that the nation will also soon give the green light to crypto trading activities.   


Iran’s Cryptocurrency Also On The Way

Last month reports emerged that the sovereign country of Iran is on track to introduce a Central Bank-backed Digital Currency (CBDC). It was revealed then that a draft of the state-backed cryptocurrency project is ready and the government is actively pursuing the project.

Iran hopes that the introduction of a CBDC will allow it to escape US sanctions that would make it difficult for citizens to purchase dollars or engage in foreign exchange. A CBDC will also go ahead to serve as a financial tool for the Central Bank to cooperate with Iranian business partners amid economic pressure.

According to Mr.Abolhassan Firoozabadi, the nation wants to position “cryptocurrencies and its Central Bank as a trustee in the foreign exchange area.” This will allow it to carry out international transactions despite any situation that arises in the future.