Iran Now Accepts Cryptocurrency Mining As A Legitimate Industry, Local Sources Report

  • Iran's government has reportedly accepted cryptocurrency mining as a legitimate industry.
  • This news comes shortly after Iran revealed that it has completed the development of its national cryptocurrency.
  • Presumably, only government-approved organizations may conduct cryptocurrency mining in Iran since the nation has not yet clarified its stance regarding cryptocurrencies.

IBENA, an Iranian news agency focusing on banking and local economic developments, recently revealed that cryptocurrency mining has been approved as an industry in Iran.

Over the last few months there have also been reports of Iran working on developing a state-backed digital currency.

Clarified Stance On Cryptos Expected By End Of September

According to Abolhassan Firouzabadi, the Secretary of Iran’s Supreme Council of Cyberspace, the National Cyberspace Center has been working closely with the nation’s central bank on managing crypto-related activity in the country.

The Iranian government’s announcement noted that the nation’s central financial institution will serve as a “trustee in [the] foreign exchange area” and as a “decision-making authority” in outlining the framework and policies for the “trade and participation of [local cryptocurrency] startups.”

Iran’s central bank is expected to announce its “definitive” stance on cryptocurrencies toward the end of the month. Firouzabadi also confirmed that the country’s national cryptocurrency will be used as “a financial transaction instrument with Iran’s trade partners”, in order to bypass US-led economic sanctions on the so-called rogue state.

Crypto Mining Officially Approved As Industry

Moreover, IBENA provided important details regarding the acceptance of crypto mining as a legitimate industry in Iran. The local news agency, which is reportedly affiliated with the central bank of Iran, wrote,

“[cryptocurrency] mining like bitcoin has been accepted as an industry in the government and all related organizations to the mining such as Ministry of Communications and Information Technology, Central Bank, Ministry of Industry, Mining and Trade, Ministry of Energy, as well as Ministry of Economic Affairs and Finance have agreed it, but the final policy for legislating it hasn't been declared yet.”

IBENA (Iranian news outlet)

Presumably, only government-approved agencies and organizations might be authorized to engage in mining digital currencies, considering that local citizens are still prohibited from engaging in crypto-related activity. However, there have still been reports of Iranian residents who are trading and investing in cryptocurrencies.

In most countries that have banned or restricted cryptocurrency trading such as India and China, local crypto traders have found ways to buy and sell cryptos mainly by using peer-to-peer (P2P) or over-the-counter (OTC) trading options.

President Trump Wanted to 'Go After Bitcoin' in 2018, John Bolton Reveals

Michael LaVere
  • Former national security advisor John Bolton's claims that President Donald Trump wanted to "go after bitcoin" in May 2018. 
  • Bolton's new book details a tense exchange between President Trump and Treasury Secretary Steven Mnuchin over cracking down on crypto-assets.

Former national security advisor John Bolton said that President Donald Trump wanted to “go after bitcoin” in 2018. 

According to a report by the Washington Examiner, which received an advanced copy of Bolton’s tell-all book The Room Where it Happened,  President Trump wanted to crack down on bitcoin and cryptoassets in 2018. 

The book claims that President Trump told Treasury Secretary Steven Mnuchin to put pressure on the trading and selling of bitcoin. 

The report reads, 

Don't be a trade negotiator," Trump allegedly said, as was written in The Room Where It Happened, a copy of which was provided to the Washington Examiner. "Go after Bitcoin [for fraud].

According to Bolton, the exchange took place in May 2018 amidst a tense discussion over trade sanctions and tariffs placed on China. 

The report also notes the Trump administration’s history of skepticism towards cryptocurrencies, culminating in the release of new guidelines for the trading of crypto-assets earlier this year. 

Mnuchin said in a statement made in February, 

We want to make sure that technology moves forward, but on the other hand, we want to make sure that cryptocurrencies aren't used for the equivalent of old Swiss secret number bank accounts.

Featured image by Library of Congress on Unsplash