Jul 15 / 2019
Latest News / Blockchain news/ Crypto
katy micallef
Posted by: Katy Micallef

Central Bank of Iran softens stance on crypto mining

Miners will be allowed to operate under new conditions and rules

The governor for  Central Bank of Iran has announced that several mining firms will be permitted to continue mining operations. Abdul Nasser Hemmati explained that a licence will be issued under a set of established rules which miners will need to operate under.

ai blockchain Central Bank of Iran softens stance on crypto mining
The governor for  Central Bank of Iran has announced that several mining firms will be permitted to continue mining operations.

The guidelines specify that miners will need to comply with electricity prices based on exports and also recycle the earned profits in the local economy. While the rules allow for some flexibility, the CBI was clear that it will not support any crypto whose value is determined by things such as gold or local fiat currency – the rial.

Unlicensed minors that used things such as greenhouses and factories for their mining activities have long been considered a problem for the fast-growing industry in Iran and have caused controversy in light of the fact that production centres currently receive government subsidies on energy consumption.

Crypto mining still remains under a strict ban in the country, however lawmakers have conceded that production is allowable. The relaxed stance indicates that the country may be rethinking its position, especially with US sanctions hitting the economy hard.

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