As reported on July 10, the Iranian government has a plan to authorize cryptocurrency mining according to the governor of the Central Bank (CBI) in this country, Abdol Hemmati. This news came after the last-week ban for a couple of mining firms in Iran and waiting for the new electricity prices.

CBI governor claimed the approvement for authorized mining of Bitcoin

CBI governor Hemmati reported that the Iranian government has allowed some parts of an administrative law that would authorize crypto mining, first at all Bitcoin (BTC) in Iran. His claim follows a dull back-and-forth on the legal status that cryptocurrencies have in Iran.

The government will demand to lodge by the electricity price for export

The planned bill will require crypto mining to abide by the price of electricity for export, rather than enabling miners to use the massively subsidized internal energy grid. Iran exports power to nearby countries at prices from 40-100% higher than it provides internally.

According to reports, miners from China have been present in Iran due to the low-cost energy prices for crypto mining.

No authorizations for cryptos attached to national currency or gold

The governor of CBI also said that crypto miners in Iran should contribute to the entire economy in the country, preferably than letting mined Bitcoin drain away. The CBI will not authorize those currencies whose values are determined and attached to the price of the national currency or gold.

Recently, we heard the news that Iranian authorities will cut off power for crypto miners, due to an abnormal surge of electricity consumption, which was supposedly increased for more than a 7% due to higher crypto mining in the country. The Iranian government then confiscated about 1,000 units of Bitcoin mining hardware units from two mining operations.

The deputy governor for new technologies at the CBI reportedly said that buying and selling crypto is forbidden in Iran, calling on the local anti-money laundering laws.


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