Iranian Govt. Might Legalize Its Mining Market if Mined Tokens Re-enter the National Economic Engine
- Late last month, it was revealed that more than 1000 independent miners were illegally running their operations across Iran.
- Iran currently offers its citizens with some of the most competitive electricity rates on the planet — 0.03 U.S. Dollar per kWh to be precise.
Even as the Iranian government continues to crack down on a number of mining operations across the nation, it appears as though the current regime might be looking to reconsider its stance — given that the country’s miners respect the demands of their lawmakers.
In regards to this entire development, Abdol Hemmati, Governor of the Central Bank of Iran, recently spoke with a local media outlet wherein he revealed that the national government was looking to legalize its crypto mining sector on the condition that people running such ventures do not invest their digital currencies abroad — rather, all of their mined crypto-assets should once again make their way back into Iran’s economic cycle.
For those of our readers who may not be aware, crypto mining has been gaining a lot of popularity in Iran over the past 12 months or so. This is primarily because of the low electricity prices that are prevalent within the region.
It recently came to light that a number of independent miners were carrying out their operations from within different mosques in Iran — mainly because these religious institutions receive electricity at extremely subsidized rates.
Last month, the Iranian government started cutting off miners from the national power grid — thereby leaving over 1000 individuals without any electricity.
As mentioned earlier, the Iranian government has put forth two primary demands that need to be met by the nation’s miners within a set period of time.
“Mining of the international digital currencies should be done based on the price of electricity for export,” said Hemmati.
“What’s more important is that these mined currencies should be fed back to the national economic cycle.”