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Iran has reportedly revised the country’s cryptocurrency regulation to require licensed bitcoin miners to sell their coins directly to the central bank to finance imports.
Revised encrypted law of Iran
The Iranian government has changed its cryptocurrency regulation to allow the country’s central bank to finance imports with legally mined bitcoin in the country, the government-controlled IRNA news agency reported Saturday. The Iranian publication Financial Tribune broadcast:
The measure proposed by the Central Bank of Iran [CBI] and the Ministry of Energy requires authorized cryptominers to sell the coins they mine directly to the CBI.
“The Ministry of Energy has the task of defining a ceiling for the production of authorized cryptographic units subject to the energy consumed by each unit. The miners’ output should not exceed the ceiling, ”the publication added, noting that the central bank will soon announce the details of the new law.
Mostafa Rajabi Mashhadi, deputy head of the Iranian Energy Generation, Distribution and Transmission Company (Tavanir) and spokesman for the energy industry, confirmed that “These cryptocurrencies can be exchanged according to the rules set by the central bank,” quoted the agency. Mehr print him as saying.
Presstv, an Iranian state-owned news and documentary network affiliated with the Islamic Republic of Iran (IRIB) broadcast, explained: “Miners should provide the original cryptocurrency directly and within the authorized limit to the channels introduced by the CBI … The legal limit for the amount of cryptocurrency per miner would be determined by the level of subsidized energy used for mining and based on instructions issued by the Ministry of Energy. “
Cryptocurrency analyst Alireza Shamkhi told ISNA news agency that the new law is vague and ambiguous. For example, it does not indicate how the central bank will value cryptocurrencies or the exchange rate between dollars and rials. Previously, miners could trade their cryptocurrencies for dollars, rials or other currencies at market prices. He added that the requirement for miners to report their production to the central bank is not present in other sectors, concluding that the new law is likely to reduce the attractiveness of the sector and significantly reduce the miners’ profit margin.
Iran has issued over 1,000 licenses to cryptocurrency miners, including one to the Turkish bitcoin mining giant Iminer. Power plants in Iran can mine cryptocurrencies, and bitcoin miners have been granted exclusive access to the electricity generated by three of them. Meanwhile, more than a thousand illegal bitcoin miners have been shut down.
What do you think of the new Iranian law on cryptocurrency mining? let us know in the comments section below.
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