Iran's government is close to passing a bill that finalizes regulation for cryptocurrencies.
As reported by local news source PressTV, the country's cabinet ratified the bill on Sunday, approving legislation that will formally create a new industry of cryptocurrency mining, as was expected.
Mining will be allowed inside Iran as long as participant adhere to conditions listed in the bill, including obtaining industry ministry approval.
Mining centres must also not be sited within a 30-kilometer range of all towns except the capital Tehran and major city of Esfahan where tougher restrictions will be applied, the report says.
Regarding devices used for mining, crypto miners must observe rules laid out by Iran's standardization and communications authorities.
Mining firms also face fees on the energy used as part of the mining process, and will be charged for electricity, or natural gas that can be used to generate electricity, at the same prices as energy exports from the country, the bill reportedly says.
Miners will be taxed at the same level as industrial manufacturing firms, with exemptions for firms exporting mined cryptocurrencies and returning the revenue back to Iran's economy.
The bill also notably lifts the illegal status of cryptocurrencies in Iran, although it stresses that trades made with cryptocurrencies in the nation are not recognized as lawful.
The move has been prompted by Iran's increasing popularity with crypto miners due to its cheap power.
The country is also reportedly eyeing the use of cryptocurrencies as a means to circumvent international sanctions.
Iran's Cabinet Ratifies Bill Recognizing Cryptocurrencies and Mining
Published on Aug 5, 2019
by Coindesk | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.