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Iran’s President Has Called for Legal Framework For Crypto Trading

  • Richard Marley
  • June 10, 2021
  • 2 minutes read
  • 116
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Hassan Rouhani, the Iranian President, wants to legalize crypto trading and safeguard national interests when it comes to crypto.

While Bitcoin mining remains under embargo in the state, Iran is now looking for ways to legalize cryptocurrencies. 

At the cabinet’s Economic Coordination Board meeting held on Tuesday, President Hassan Rouhani emphasized the importance of legalizing cryptocurrency to preserve and protect the national interest. 

The president believes that the country must pay attention to the technicality of cryptocurrencies and use it to legalize digital currencies. Pointing out the risks associated with cryptocurrency trading, Rouhani stressed that awareness in this field is necessary to avoid the occurrence of fraud. 

“For legalizing the activity of cryptocurrencies and protecting people’s capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions.”

To establish a legal framework, Rouhani has called for a joint study between different parties. He added, “the responsible agencies in the field of capital markets should cooperate with the media and cyberspace in the field of information, education and public awareness about this phenomenon and its instructions and laws”.

He also explained that crypto mining is nonetheless prohibited till the end of summer and that the Ministries of Communication and IT and Energy have cut off powers to such centres. 

To meet the high demand for electricity consumption during the hot summers in Iran, a nationwide ban was imposed on crypto mining until September. In the previous month, home minors were made liable to face heavy fines if caught crypto mining through household electricity. This announcement was made by the country’s ministry of energy. 

Iran is not completely hostile towards the world of cryptocurrency – authorities have been exploring its capabilities to avoid international sanctions on the country. 

Additionally, Iran has become an area of interest for international minors. Attracted by the low prices of electricity, mining companies from Turkey, Ukraine, China and elsewhere have been budding mining farms in Iran, as reported by CoinDesk’s sources.

Suggested Read: Crypto Regulations 2021 – What Digital Currency Providers Need to do