Iran’s President Wants to Legalize Bitcoin ‘As Soon as Possible’

Iranian President Hassan Rouhani is calling for the establishment of a legal framework for cryptocurrencies that will help discourage unauthorized crypto businesses.

While speaking at the government’s Economic Coordination Board on Tuesday, where Rouhani talked about prices of essential consumer goods, he also made remarks about crypto and warned consumers of their risks. Rouhani said,

“For legalizing the activity of cryptocurrencies and protecting people’s capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions.”

He further said that investments in crypto are risky and “unprofessional entry in this field should be avoided.”

Rouhani called for government agencies to “cooperate with the media and cyberspace in the field of information, education and public awareness about this phenomenon and its instructions and laws.”

Last month, the President ordered crypto mining facilities to be shut down until Sept. 22 to limit the load on the struggling national electricity grid during summer after the nation experienced several power outages, which were blamed on Bitcoin.

Iran has been attracting miners from other countries thanks to its low electricity prices and accounts for 3.82% of the Bitcoins’ hashing power, as of April 2020, according to CBECI.

The country has actually been using crypto to skirt international sanctions. Back in April, the central bank allowed banks and licensed money-changers to use crypto mined by authorized miners to pay for imported goods.

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