The Iranian Government Recognizes The Crypto Industry

According to the Iran Chamber of Commerce, Industries, Mines and Agriculture, the Iranian government has approved a mechanism of cryptocurrency mining industry in the country.

Abdolnaser Hemmati, the governor of the Central Bank of Iran (CBI), has said that a mechanism to mine cryptocurrencies has been put into place by the government’s economic commission and will later be put to discussion with the Cabinet which will ultimately decide on its final approval.

The authorization of Bitcoin and Cryptocurrency mining was initially discussed in July when the CBI governor announced the plan that would effectively regulate the cryptocurrency mining activities in the country.

Hemmati acknowledges the fact that cryptocurrency mining might proved to be a lucrative endeavor in the country given the abundant energy resource of the country however he argues that cryptocurrency miners should contribute to the country’s economy not the other way around.

He says that cryptocurrency industry should be recognized as an official industry in Iran and the country should take advantage of its tax and customs revenues.