Days After Adding Crypto to ‘Currency Smuggling' Regulation, Iran Pres. Asks for Mining Strategies

  • Iran’s President, Hassan Rouhani, is calling on his government to increase its efforts in setting up and implementing a renewed national strategy in the emerging blockchain and digital currencies industry.

According to a report by ArzDigital on the recently held Iranian Economic Coordination earlier this week, chaired by President Hassan Rouhani, the Iranian government is taking steps to draw up regulation strategies in the cryptocurrency industry.

Speaking to officials from the Central Bank of Iran (CBI), ICT ministers and energy industry leaders, Rouhani asked for the enhanced development of a new national strategy to govern the crypto industry including mining businesses, revenue from crypto activities and overall regulation of the industry.

This strategy will ensure that every crypto miner, crypto exchange and even their users will be regulated by the government after special committees in the CBI review and present their findings.

Iran has been at the forefront in adopting cryptocurrency and blockchain technologies following the economic sanctions set on the country. These new measures and strategies aim at increasing the power of the exchange over the currency return cycle and facilitating currency exchanges.

A Closer Focus on Crypto, Who Gains?

Rouhani’s strong stance toward accelerating efforts on the crypto field comes at an opportune time. Specifically less than 48 hours after the Iranian Parliament proposed a law to regulate crypto exchanges in the country under the “foreign currency exchange” and “money smuggling act”. This law, if passed, will ensure that every crypto exchange will be regulated by the CBI similar to foreign exchanges.

Well, this is not for the benefit of the crypto exchanges, but the government, which is trying to keep its capital inflows within the country amidst the hyperinflation on the Iranian Rial.

Iran, one of the worlds more crypto-friendly countries, was one of the first to legally recognize crypto miners, providing them mining licenses in July 2019. This allows the miners to freely mine crypto, sell their revenues and pay taxes on the profits made. Earlier this month, the government officially opened the IMiner’s 6000 Rig BTC mining farm to start its operations.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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