The Iranian Cabinet of Ministers ratified the bill, according to which trade in cryptocurrencies and their exchange are illegal in the country, despite the fact that mining has recently been recognized as an industrial activity. It is reported by the local news agency PressTV .

The law says that cryptocurrencies are not legal tender, and the central bank of Iran will not guarantee their value. In addition, the official status will not receive transactions with digital currencies and crypto trading.

It is noteworthy that the extraction of cryptocurrency in Iran is allowed under certain conditions. So, miners will have to receive approval from the local ministry of industry to carry out their activities. In addition, the extraction of cryptocurrency will be banned within the 30-kilometer border of all provincial centers, with the exception of the capital Tehran and the city of Isfahan. More stringent restrictions will apply here.

Miners will also have to pay for electricity at the tariffs set for the export of energy from Iran. Mining will also be taxed (benefits will be provided only to those who intend to sell cryptocurrency abroad and give part of the proceeds to the state).

It is worth noting that in June, Iran’s Energy Minister Homayun Khaeri said that cryptocurrency miners should not use preferential electricity tariffs.

Recall mining cryptocurrency was recognized by industrial activity in the framework of the meeting of the Cabinet of Ministers of Iran, which was held in late July.

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