The Iranian government has issued over 1,000 licenses for cryptocurrency mining in the country where there is potential for a crypto industry worth $8.5 billion, a report says.
The Iranian government has recognised cryptocurrencies and mining as an industry, says finance minister following years of deliberation over how to regulate this emerging and widely popular business in the country.
The Iranian government’s economic commission approved on Sunday a mechanism for digital coin mining as Iran rushes to bring in line with internal laws the growing mining farms in the country.
Recent turbulence in foreign currency market and the devaluation of its currency, blamed partially on the revival of US sanctions, Iran is seeking to further develop its fledgling blockchain industry.