Iranian Authorities have agreed to consider the mining of cryptocurrency as an industry. Iran’s Secretary of the Supreme Cyberspace Council disclosed that different departments of the government share the same sentiment.
Iranian Authorities Acceptance
According to the secretary, the mining of digital currency is now being increasingly accepted by the Iranian authorities. The government has even given a green light to mine cryptos such as the Bitcoin (BTC). However, a legal structure to regulate the crypto sector is not yet available in the nation.
The secretary, Abolhassan Firoozabadi revealed that major government authorities have since accepted the sector. They include the country’s Central Bank, the Ministry of Information and Communications Technology. Others are Ministry of Industry, Mine and Trade, Ministry of Economic Affairs and Finance and the Ministry of Energy.
Meanwhile, the National Cyberspace Center of Iran is building a platform meant for regulating the crypto industry. Firoozabadi stated, “The policy of the National Cyberspace Center is organizing cryptocurrencies and the central bank as a trustee in foreign exchange area and also a decision-making authority will declare the framework and final policies.”
It is expected that the legal framework for the crypto sector will be ready by the end of this month. The rules will regulate blockchain-based startups as well as firms related to digital currency.
National digital currency
Iran has been experiencing a decline in its economy following sanctions by the U.S Trump’s administration. Consequently, the government plans to unveil its own national digital currency. As of last month, the cryptocurrency which will be backed by the state was nearing completion. The state coin will be used to transact financially between Iran and its trade partners.
Iran’s latest move has since boosted the legitimacy of the crypto industry in the region. Exir which is an exchange operating in the country registered the price of 1 BTC at over $20,000. Whereas, the crypto is currently retailing around $7300. Ethereum’s (ETH) price also shot up to $900 in Iran, way higher than the current market price. This is related to the hyperinflation the country is currency experiencing.