Iran plans to legalize cryptocurrency mining, with some conditions

11 Jul, 2019
by David Borman
Update
Iran plans to legalize cryptocurrency mining, with some conditions

It has been reported by NewsBTC that the Iranian government has announced that it plans to legalize cryptocurrency mining within the country, albeit with caveats. This comes after recent reports that Chinese miners were attempting to set-up shop in the nation to take advantage of subsidised electricity.

It has been revealded by Abdol Nasser Hemmati, the governor of the Central Bank of Iran (CBI), that the government is planning to pass legislation to allow for the mining of cryptocurrencies in the nation. However, doing so legally will come with two conditions.

The first is that the electricity being supplied to miners will be charged at the export rate (7c-10c/watt) instead of the subsidised rate given to normal citizens (5c/watt). The second condition is that the cryptocurrency generated by mining must be "be fed back to the national economic cycle." Both of these conditions will help to slow the foreign miners looking to take advantage of the cheap electricity.

One curious thing about this announcement, cryptocurrency trading is still illegal in Iran. That means even if someone legally generates Bitcoin, they cannot legally sell it for any other asset. It is unclear at this time how someone could actually legally exchange any crypto they may mine, but likely this willbe addressed soon.

In any event, it seems to be a step forward for Iran, and perhaps a path to broader acceptance. Will trading become legal soon? Stick with Chepicap for all updates!

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