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Iran legalizes cryptocurrency mining

July 31, 2019 By Crypto Reporter

The Iranian government has authorized cryptocurrency mining as an industrial activity.

Now that mining has been officially authorized, entities engaged in the activity will be required to seek a license from Iran’s Ministry of Industry, Mine and Trade.

According to the government’s officials, cryptocurrency users must accept the risks of the technology and that neither the government nor the banks would provide any guarantee. Cryptocurrencies are still not allowed in domestic transactions.

In Iran, miners have an edge because electricity is cheap thanks to longtime government subsidies.

Ali Bakhshi, the head of the Iran Electrical Industry Syndicate, said earlier this month that the country’s Energy Ministry likely would boost costs for bitcoin miners to 7 cents for each kilowatt of electricity they consume, a massive increase from the current half-cent but still almost half the cost of electricity in the United States.

The Iranian government is yet to approve the final price rate for miners.

More news:

  • Iran approves crypto payments for imports
    Iran approves crypto payments for imports
    September 5, 2022
  • China’s region tries to ban crypto mining farms
    China’s region tries to ban crypto mining farms
    March 5, 2021
  • Cryptocurrency Jargon
    Cryptocurrency Jargon
    August 23, 2021
  • MoneyGram to allow buying and selling cryptocurrency 
    MoneyGram to allow buying and selling cryptocurrency 
    May 19, 2021
  • PayPal expands cryptocurrency services to the UK
    PayPal expands cryptocurrency services to the UK
    August 28, 2021
  • Mastercard to offer cryptocurrency services in 2021
    Mastercard to offer cryptocurrency services in 2021
    February 16, 2021

Filed Under: General News, News Tagged With: cryptocurrency, Iran, mining, news, regulations

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