Iran is now looking for ways to introduce a viable legal infrastructure for cryptos as Bitcoin (BTC) mining remains under embargo in the country. In the Cabinet’s Economic Coordination Board meeting on June 8, Iranian President Hassan Rouhani insisted on the need to legalize crypto activities to protect and preserve national interests regarding the nascent sector.
Rouhani wants the nation to pay a lot of attention to the legal and technical needs surrounding crypto and digital currencies. He noted that there are risks associated with crypto trading but insisted that people’s awareness in this sector is crucial to avoid any illegal and unprofessional entries:
“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.”
Rouhani called on a joint study between various parties to create a legal framework for cryptos. 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.”
The president also explained:
“Cryptocurrency mining is still banned until the end of summer, and the Ministries of Communication and Information Technology and Energy are responsible for cutting off power to these centres.”
In May, the nation’s ministry of energy said that crypto mining using household electricity is illegal and, therefore, home miners will need to pay heavy fines in case they are discovered.
To meet the needs of growing domestic electric consumption in the hot summers, Iran recently put a blanket ban on crypto mining until September.