The Iranian authorities made the final decision regarding the mining of cryptocurrencies – mining will be legalized.
The relevant government decision was published on the website of the Chamber of Commerce, Industry, Mining and Agriculture of Iran. Now, lawmakers will have to make several amendments to the law, which will allow legally carrying out cryptocurrency mining activities in the country.
Why it is so important for the entire industry: Iran is one of the most profitable regions in terms of mining, and this is caused by low electricity prices. However, the government was wary of a new type of activity, which is why it was subject to a ban. This was also due to the fact that businessmen from all over the world flocked to the country for cheap mining, as a result of which the level of electricity consumption exceeded the permissible norms, causing interruptions in some regions.
However, even the ban was not as effective: the miners simply went into the shadows, continuing to mine cryptocurrency. Considering how harsh the laws are in Iran, it is very dangerous to do this, but now the miners can breathe easy.
Apparently, the government of the country could not turn a blind eye to the potential profits that it can receive from all these miners. Given that because of the sanctions by the United States, the country has been buried in a crisis for a long time, cryptocurrencies can really become a breath of fresh air.
Recall that earlier Iran issued its own cryptocurrency , tied to gold. Its goal is to help the country bypass the restrictions caused by disconnection from the global payment system SWIFT. However, soon SWIFT itself will sink into oblivion, giving way to a cryptocurrency solution from the Japanese authorities.
Publication date 07/24/2019
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