The Iranian government just authorized cryptocurrency mining as an industrial activity.
A report from IIDO on July 29th revealed that the decision was taken this weekend, during a Sunday cabinet session chaired by Iran’s President Hassan Rouhani.
Will Iran Legalize Cryptocurrency ?
With mining now officially authorized, entities engaged in the activity will be required to seek a license from Iran’s Ministry of Industry, Mine and Trade.
Mehr News reports that many experts are interpreting the move as being the first step towards the legalization of cryptocurrencies in Iran, as it will help them to dodge United States sanctions which might have contributed to damaging the country’s economy.
The decision still noted that using cryptocurrencies for domestic transactions remains outlawed and that those engaged in the industry should bear responsibility for the risks without any guarantees from the government.
Subsidized electricity rates in Iran will make miners from different places to relocate their operations to the country