Iranian Authorities Plans To Allow Cryptocurrency Mining

Iranian Authorities Plans To Allow Cryptocurrency Mining

The governor of the Central Bank of Iran (CBI) said Iranian authorities are planning to authorize cryptocurrency mining according to a report by news agency PressTV.

Abdol Hemmati, CBI governor reportedly claimed that the Iranian government has approved some parts of an executive law that would authorize mining of cryptocurrencies such as Bitcoin (BTC) in Iran.

According to Hemmati, the planned law will require crypto mining in Iran to abide with the price of electricity for export. The report said that Iran exports power to neighboring countries at prices from 40-100% higher than it provides internally.

Yet to be confirmed reports, has it that Chinese miners have been present in Iran due to the cheap energy prices they enjoy in the country.

Hemmati said that CBI will not authorize any currency whose values are “decided” by the price of the national currency or gold, among others.

This comes after a report that that Iranian authorities planned to cut off power to crypto mining due to abnormal surge of electricity consumption, which was allegedly due to increased rates of crypto mining in the country.

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