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

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.