Cryptocurrency Mining Recognized As An Industry In Iran

News, Regulation | September 5, 2018 By:

Abolhassan Firoozabadi, secretary of Iran’s Supreme Cyberspace Council, said that various government ministries have agreed to officially recognize crypto mining as an industry.

According to local news outlet IBENA, Firoozabadi stressed that mining of cryptocurrencies, such as bitcoin, has been accepted as an industry in the government and all related organizations, but the final policy for legislating it hasn’t been declared yet. The government departments that agreed to classify crypto mining as an industry are the Ministry of Communications and Information Technology, the Central Bank, the Ministry of Industry, Mining and Trade, the Ministry of Energy, and the Ministry of Economic Affairs and Finance.

Firoozabadi added that the Iranian National Cyberspace Center is developing a platform for crypto regulation.

“The policy of the National Cyberspace Center is organizing cryptocurrencies and central bank as a trustee in foreign exchange area and also a decision-making authority will declare the framework and final policies for trade and participation of startups and trade activists in the cryptocurrency sphere by the end of current month,” Firoozabadi said.

Last month, the Iranian National Cyberspace Center revealed that the country’s state-backed digital currency has reached its final stage of development. Firoozabadi said that launching the national cryptocurrency is promising and can be used as a financial transaction instrument with Iran’s trade partners and friend countries amid economic pressures from US sanctions.