A new law could make cryptocurrency trading illegal within Iran as more people are becoming interested in using digital currencies within the country.
The Iranian cabinet ratified a bill on Sunday August 4 that stated that the government would not recognize any cryptocurrency trading within its borders as lawful. Moreover, it said neither the banks nor the government would recognize digital tokens as legal tender. The Central Bank of Iran would not guarantee their value, PressTV reported.
Interestingly, it would still allow cryptocurrency mining within the country’s border. Although, that would only be the case if certain conditions were met. For instance, they would not be allowed to be mined within 30 kilometres from any provincial centre, save Tehran and Esfahan. Moreover, miners would have to seek the country’s industry ministry’s approval before commencing the mining.
Additionally, miners would have to follow strict standardized rules regarding the machines they would use.
Mining farms would now have to play for their electricity and be taxed like industrial manufacturing units unless the miners return the export of their digital currencies back to Iran’s economic cycle.
Copyright © 2018 RegTech Analyst
