Iran Officially Recognizes Crypto Mining

September 6, 2018

The Iranian government has officially recognized digital currency mining as independent economic branch. The country’s central bank declared, it started elaborating legislative project to control this sector.

Abolhassan Firoozabadi, the Iranian Cyberspace Council’s secretary, told, common use of digital currencies inside the country may facilitate trade between Teheran and the partners. They will also be used in attempt to skirt US sanctions. The secretary said, the most of the ministries have come to a unanimous decision to recognize digital currency mining as an independent branch.

In addition, Abolhassan Firoozabadi noted that the center is ready to encourage development of the platform aimed at efficient regulation of the mining industry as the government is going to create its own digital currency.

As the authorities see it, the new cryptocurrency will be a solution for settlement procedures with the country’s partners amid sanctions imposed by the US. The currency is to be released by the end of 2018.

By the way, Bitcoin in Iran is valued highly with its price pumped up to $24,000 recently.

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