BTC $8081.76 -1.73%
ETH $172.32 -1.40%
XRP $0.292020 -0.41%
show
show
Witnessing the digital breakthrough

Iran Wants To Introduce Crypto Mining Licenses

20 September 2019 16:58, UTC
Iran Wants To Introduce Crypto Mining Licenses

After quite a controversial two weeks for the Iranian government, it seems that regular political operations regarding crypto industry are resuming in the country. According to the latest announcement a bill has been drafted in regards to the rampant crypto mining operations within the country. The government wants to somehow regulate the industry by introducing a license, to which miners will have to apply and renew every year. This pending proposal was approved by Reza RAHMANI, Iran’s Minister of Industry, Mine and Trade.

The bill is still being processed, but several representatives of the government have already said that it will be finished within a couple of days or a week. This signals that the bill will indeed pass, as there is almost nobody going against it. And why would they — the bill recognizing crypto mining as a legitimate industry has already passed, why not support bringing it within a regulatory fold?

In order to receive the license, miners will have to disclose information such as the location of their facilities, the equipment they use, its cost, the amount of electricity they consume and the employees they hire from the local community.

Overall, it’s a law that will give the government everything they can possibly want to know about the operations, thus giving them a lot of flexibility should any type of misconduct occur. But despite the introduction of this bill and the recognition of crypto mining, crypto trading still remains outside the boundaries of local law.

Hopefully, after seeing the profitability of mining, the government will lift the ban and make the country more crypto-literate.



Read the best crypto news analysis here! bitnewstoday.com Bitcoin, investments, regulation and other cryptocurrencies
Found a mistake? Select the text and press CTRL+ENTER
Leave a comment
Leave a comment
Report a mistake