29/07/19 09:00 UTC-4

In Iran, cryptocurrency mining recognized as an industrial affair

MiningCryptocurrency Mining in Iran has been recognized as an industrial affair
Cryptocurrency Mining in Iran has been recognized as an industrial affair

On July 29, the Iranian government approved miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
cryptocurrency as an industrial activity, the local MEHR edition reported this. At the same time, it was stated that mining companies must now be licensed at the Ministry of Industry.


Mining in Iran

According to the report, the Iranian government is not responsible for the risks of investing in cryptocurrency, and the country's banking system does not provide any guarantees to the miners. It is also noted that the use of digital money in internal transactions is not allowed.

It is important to note that mining, like other industrial activities, is now taxable. Taxation applies to both companies and individuals who "do not export cryptocurrencies and do not return income to the country," the decision stresses.

The confirmation of this legislative item can be considered the first step towards the legalization of the crypto-sector in Iran. Also, many local financial experts believe that cryptocurrencies can be used as a means to mitigate the effects of tough economic sanctions previously imposed by the United States of America against Iran.

In Iran, cryptocurrency mining has been recognized by industry. Recall that the cost of electricity in Iran is quite cheap, which attracts miners from many countries. For example, the Chinese mining of cryptocurrency in Iran has led to a more detailed consideration of the price of electricity for mining.

Editor: Yuliya Soroka

See also: "Iran creates new energy tariffs for crypto-mining"

#Iran #legislation #cryptocurrency #taxes #cryptocurrencymining #miningIran



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