Iran Approves Cryptocurrency Mining As An Industry

September 5, 2018 11:13 PM

The acceptance of cryptocurrency in Iran could be caused by fear of US sanctions.

Iranian authorities have accepted cryptocurrency mining as an industry according to a September 4 article in IBENA, a Central Bank of Iran-affiliated news agency.

However, Abolhassan Firouzabadi, the secretary of Iran’s Supreme Council of Cyberspace, made a point to say that regulations have yet to be issued. The public can expect legal frameworks to be issued by the National Cyberspace Center (which is controlled by the Supreme Council of Cyberspace), in collaboration with the central bank, by September 22. However, the article also states that specific decisions have yet to be made.

The secretary goes on to talk about the potential of issuing a national cryptocurrency to provide a way of facilitating transactions between trade partners and alleviating the strain of US trade sanctions.

This latest news makes it seem as though Iran is eager, if not completely prepared, to accept cryptocurrency as a viable financial tool. This contrasts with the Iranian central bank’s February statement that it was unwilling to recognize the legitimacy of digital currency, and its April ban on all cryptocurrency trades and transactions by financial institutions. 

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

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