Cryptocurrency mining in Iran is now legal

Cryptocurrency mining has now been classified as an industrial activity in the country.
Licences would be required to perform cryptocurrency mining from Iran’s Ministry of Industry.

Ken Chigbo Independent Analyst

Local news press in Iran, Mehr News Agency has reported that cryptocurrency mining in Iran is now legal.

It follows a decision over the weekend by the country’s cabinet to authorize the mining of cryptocurrencies. The sector has now classified as an industrial activity, cryptocurrency miners will be required to acquire licenses from Iran’s Ministry of Industry, Mines and Trade. The green light from Iran’s cabinet comes about a week since a government committee gave its approval for cryptocurrency mining.

The Governor for the Central Bank of Iran, Abdolnaser Hemmati said:

A mechanism to mine digital coins was approved by the government’s economic commission and will later be put to discussion at a cabinet meeting.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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