Iran has joined the list of countries in which cryptocurrency mining has legal status following a ruling by the country?s Supreme Council of Cyberspace.
The announcement means that the cryptocurrency mining in Iran will now be recognized as a legal industry.The decision was made by a government council called the Supreme Council of Cyberspace which means that the government of Iran recognizes digital currencies and now cryptocurrency mining. Secretary Abolhassan Firouzabadi released a statement saying that the government is working on policies and regulations for cryptocurrency mining and they are expected to be introduced by the end of this month.
The policies will most likely feature legal and taxation guidelines as well as rules on how mining companies are expected to conduct themselves. Regardless of the regulations, this is great news for the cryptocurrency community in the country. Firoozabadi stated that the government?s involvement means that various authorities recognize the legal cryptocurrency mining status and they include the country?s central bank, the Ministry of Energy, Ministry of Economic Affairs and Finance as well as the Ministry of Industry, Mine and Trade.
“Mining of cryptocurrencies like Bitcoin had been accepted as an industry in the government and all related organizations,? stated Firouzabadi.
The National Cyberspace Center in Iran announced towards the end of August this year its cryptocurrency project which is backed by the state was ready. The Supreme Cyberspace Council also revealed that there is also a plan to introduce a national cryptocurrency. If this is true, then it means that Iran will become the second country after Venezuela to pursue the idea of a national cryptocurrency.
Iran?s decision to come up with its own national cryptocurrency is no surprise especially since it is also going through an economic downturn just like Venezuela. Additionally, the country is facing extra economic and political pressure as a result of U.S sanctions. Iran might, therefore, be banking on the cryptocurrency market to help spur an economic recovery. It is currently not clear whether a national Iranian cryptocurrency will materialize in the future although it is highly likely given the country?s fast-paced pursuit of matters regarding digital currencies.