Iran’s Power Generation, Distribution and Transmission Company (Tavanir) has shut 1,100 unlicensed crypto mining farms for illegally using subsidized electricity.
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.
An independent campaign has been launched in Iran in order to attract international aid in cryptocurrency for flood victims in the face of US sanctions which have choked off foreign funds.
After years of mulling how to regulate the digital currency mining, the Iranian government has finally recognised it as an industrial activity. Its rules and regulations say how much electricity can the miners use.
The Iranian government approved on Sunday a bill that recognises digital coin mining as an industrial activity, paving the way for a regulated mining business that could generate more forex revenues for Iran.
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.
The Central Bank of Iran has officially prohibited all financial institutions, including banks and credit institutions, from handling cryptocurrencies.