Iran’s Govt Issues New Rules on Cryptocurrency

 

 

 

 

 

The Iranian Cabinet has released a newly-ratified bill that outlines the government’s position on digital assets and establishes conditions for cryptocurrency miners to operate within the country. According to Iranian media outlet PressTV, the government’s official position is that digital currencies are not recognized as legal tender in Iran, and the country’s central bank cannot ensure their value.

As for miners, the government’s bill declares that mining for cryptocurrencies is permitted, but miners must adhere to certain conditions. Those conditions include seeking approval for their operation from the country’s industry ministry and abiding by geographical restrictions that would prevent cryptocurrency mining “inside a 30-kilometer boundary of all provincial centers except for the capital Tehran and the central city of Esfahan.”

In addition:

It said the miners should also observe rules set by Iran’s standardization and communications authorities for mining machines, adding that certain fees will be applied for the energy used for mining the currencies.

The bill also permits the ministry of industry to designate certain authorities to localized “special economic zones” should any non-Iranians be interested in locating their mining operations in those areas.

 

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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