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Iranian government allows cryptocurrency as an accepted industry

The government of Iran has announced that cryptocurrency mining is now an accepted industry, amidst US sanctions and national economic pressure.

Written by Becky Leighton Published on

Iran’s Supreme Cyberspace Council has announced that ministries within Iran are now accepting cryptocurrency mining as a legal industry.

According to local news source IBENA, secretary of the Supreme Cyberspace Council Abolhassan Firouzabadi has said that the National Cyberspace Center’s policy includes organizing cryptocurrencies. According to the secretary, the Central Bank as a trustee in the foreign exchange area holds weight as a decision making authority and will be soon declaring the framework and final strategies for cryptocurrency related activity. This includes “trade and participation of startups and trade activists in the cryptocurrency sphere”.

The final implementations will be announced by the end of September.

According to IBENA, Firouzabadi also suggested that the promise of a national cryptocurrency is pending. He said that the national digital tender will be able to stand in as an instrument for economic transactions with Iran’s trade partners as well as friendly countries. This comes in the middle of financial stress owing to the U.S. sanctions.

IBENA reported:

“Secretary of Iran’s Supreme Council of Cyberspace stressed that cryptocurrencies mining like Bitcoin has been accepted as an industry in the government and all related organizations to the mining such as Ministry of Communications and Information Technology, Central Bank, Ministry of Industry, Mining and Trade, Ministry of Energy, as well as Ministry of Economic Affairs and Finance have agreed with it, but the final policy for legislating it hasn’t been declared yet.”

It was reported recently that the national cryptocurrency has been fully drafted and has taken the Cyberspace Council’s focus. At the time, it was said that Saeed Mahdiyoun, the key regulator for drafts for the Cyberspace Council, had said “that the plan to create a national digital currency is earnestly being pursued in the recent meetings of the High Council for Cyberspace.”

Mahdiyoun also confirmed at the time that any doubt surrounding Iran’s standpoint of cryptocurrency will be cleared up at the end of September.

Written by

Internet writer looking to find the right piece. Also presents things on radio and happens to be a chip off the old blockchain. @BeckyRLeighton

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