Watchdogs: Mining Farms In Mosques — Iran Crypto Market

The growing popularity of cryptocurrencies has led to the fact that rules for regulating cryptocurrencies have been developed in Iran. They were developed by the National Cyberspace Center of Iran (NCC). And what about Iran cryptocurrency news?

The first attempts for Iran crypto regulations were made back in 2013. However, the situation has not changed since that time. The Bitcoin mining in Iran and the exchange of cryptocurrencies are considered illegal, but the police have no legal grounds for Iran to ban crypto mine.

In Iran,cryptocurrency mining is a legal activity, unlike trading digital coins. Iranian miners are allowed to participate in projects for the construction and operation of new power plants. Miners can sell the excess energy produced at the stations.

The lack of rules hindered the development of the Iranian crypto industry. The leadership of the Mejlis called on financial regulators to approach this issue carefully. The Minister of Economy and Finance of the country said that the government cannot interfere in the development of crypto technologies for too long. What will happen to the Iran crypto regulations?

At the moment, the republic accounts for 4.5% of the world’s Bitcoin production. Washington imposed sanctions against Iranian financial institutions and an almost complete economic embargo after the Islamic Revolution. Oil exports fell by 70%, which led to unemployment and outbreaks of civil unrest. To circumvent the sanctions, began Bitcoin mining in Iran.

The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.

Originally published at https://coinjoy.io.

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