Iran Gets Serious About Bitcoin Mining
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Iran Gets Serious About Bitcoin Mining

By Abhimanyu Krishnan | News | 22 May 2020


According to local media outlets, Iranian President Hassan Rouhani has commanded government officials to come up with a new national strategy for blockchain mining and regulation. Rouhani was leading the 137th session of the government's Economic Coordination Headquarters, talking about the national economic strategy for Iran and telling officials from the Central Bank of Iran (CBI) that regulation and mining revenue would need examining.

Just a few days ago, the Iranian parliament published a proposal that focused on making cryptocurrency exchanges register with the country’s central bank, as well as applying foreign exchange and currency regulations to the asset class.

Iran has been fairly lenient with its cryptocurrency regulations, having legalized cryptocurrency mining in 2019. It also issues mining licenses, so some have questioned why it is that the government is looking into the subject again. 

However, given that the Iranian government seems to be implementing a much grander set of regulation for the cryptocurrency asset class, it could be that they are streamlining industry activity and legitimize as much as possible, to ensure that the government receives its due amount.

Iran has been subject to sanctions by the United States, with the Trump administration believing that Iran could be circumventing the sanctions with cryptocurrencies.

Iran is also considering launching its own Central Bank Digital Currency (CBDC), one backed by gold.


Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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