Mining

After several weeks of speculation, the Economic Commission of Iran has finally approved cryptocurrency mining as an industry in the country.

On July 22 the Chamber of Commerce, Industries, Mines and Agriculture made an announcement approving crypto mining. The Commission indicated that the Iranian government was seeking ways of regulating the mechanism of crypto mining within the country’s legal structure.

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Parts of Executive Law Approved to Allow Mining

In a statement, Abdolnaser Hemmati, the Central Bank Governor of Iran, stated that cryptocurrency mining has been approved by the economic commission of Iran, and the cabinet will later discuss the mechanism within the legal framework of the country. At the beginning of this month, authorities in Iran alluded to plans of legalizing Bitcoin mining and the CBI governor indicated that the government had already approved parts of an executive law authorizing cryptocurrency mining in Iran.

Hemmati advanced an argument at the time that crypto mining in the country should play a role in the country’s economic growth instead of letting Bitcoin mining escape abroad. The head of the Commission Elyas Hazrati indicated that cryptocurrency mining was officially being recognized as an official industry that the country looks to leverage in terms of custom and tax revenues.

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Does the Approval Change Iran’s Stance on Cryptocurrency?

Iranian authorities have been ambivalent regarding the approval of crypto mining in the country following the seizing and shutting down of two mining firms last month. Iran has been a prime destination for crypto miners because of the availability of affordable energy rates, but the Electricity and Energy minister, Homayun Haeri, has in the past been quoted objecting to the government subsidizing cryptocurrency mining efforts.

It is still unclear whether the authorities have changed their position regarding the use of digital coins for domestic payment following the approval of cryptocurrency mining. At the beginning of the year, the CBI barred the use of cryptocurrencies for domestic payments, but industry players have protested the ban.

Featured image: DepositPhotos © zoomteam

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