Cryptocurrency mining in Iran now an official industrial activity after winning approval from the country’s cabinet.
Iran’s Government has approved the Cryptocurrency mining in Iran as an official industrial activity. This was made possible after winning an approval from the country’s cabinet.
Chaired by the country’s president in a meeting on Sunday, Hassan Rouhani, approved and endorsed crypto mining activity. However, he said that all new investors who wish to set-up cryptocurrency mining industry must acquire all the necessary license from the Ministry of Industry, Mine and Trade, the Mehr News Agency reports.
Cryptoinhand also got an information that Cryptocurrency mining in Iran was legally approved last week in Iran by the Chamber of Commerce, Industries, Mines and Agriculture, a government economic commission.
The cabinet on Sunday also warned all investors against the volatility of cryptocurrency. Therefor, cryptocurrency users must accept the risks of the technology and neither the banks nor government would provide any guarantee and shall not be held responsible for any loses.
On a statement by Mehr cryptocurrency transactions are not yet approved in domestic market. Cryprocurrency earned from mining activities are taxable as the law of the country demands, unless the cryptocurrencies are exported and the revenues brought back to Iran.
Homayun Haeri the duty minister Energy and Electricity stated that the Government will vote on a plan to provide an electricity rate for mining farms. Mehr’s report indicates that decision hasn’t yet been made.