Iran Government Accepts Cryptocurrency Mining as an Industry

Iran Government has finally agreed to Accept Cryptocurrency Mining as an Industry. Recently we had seen that Iran was planning to launch a national cryptocurrency. This clearly shows the interest of the Iranian government towards cryptocurrency is increasing. Some say the reason for this approach is to avoid the sanctions which the US is going to enact.

The Central Bank of Iran, which looks after the foreign exchange and regulations is now on the verge of creating a regulatory framework in 18 days for the cryptocurrency mining industry.

According to IBENA, a local news has interacted with Abolhassan Firouzabadi, Secretary of Iran’s Supreme Council of Cyberspace. He stated about launching a new national cryptocurrency looks promising. Then he mentioned the related organization to cryptocurrency mining have agreed to accept it as an industry. Organisations such as Ministry of Communications and Information Technology, Mining and Trade, Central Bank, Ministry of Industry, Ministry of Energy, as well as Ministry of Economic Affairs and Finance.

Is this done in order to Avoid the US Sanctions?

Currently, in Iran, most of the companies are shutting down due to the US Sanctions and Iran fiat currency rial has fallen very low compared to the US dollar. Maybe this made the government shift towards the cryptocurrency industry but also might be the interest of the country toward cryptocurrency mining.

Even Venezuela has been facing a similar crisis as Iran and they had launched their own cryptocurrency Petro. But it is not gaining much traction as the US to bans its citizens from investing in Petro. So Seeing the previous case there are fewer chances for Iran to launch its national cryptocurrency and gain traction from the investors.

Let’s wait until the Regulatory Framework is introduced for cryptocurrency mining and a national cryptocurrency is launched only then we can know the interests of the people towards it.

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