Recognizing the importance of cryptocurrency and benefits of blockchain technology, to counter U.S. sanctions, the Government of Iran on last Sunday announced that the economic commission has given green signal for ‘digital coin mining.’
It all started back in 2018 when President Trump increased the U.S. sanctions on Iran, which led to cryptocurrency’s acceptance in the country. Since then, Iran has shown a lot of interest in cryptocurrency.
There was a lot of debate on whether Iran will be able to capacitate cryptocurrency just like Venezuela, which went through a severe economic crisis and adopted cryptocurrency. So far, it looks like Iran has done pretty well to integrate crypto ecosystem in the country.
According to the press release by Iran Chamber, a senior Iranian official said that the government has given the approval of crypto mining and further steps are to be taken after the cabinet meeting.
Iranian Government is looking forward to taking cryptocurrency as a proper industry and work across different sectors of it. This crypto-mining approval means that those users who were working underground previously, will be able to mine openly, and there will be no prohibition on importing mining machines.
The mining endorsement has created new opportunities and a legal platform for miners to make significant breakthroughs using the crypto platform and help boost the economy of the country.
Moving on, the Energy Ministery claimed that they are planning to settle a specific price of electricity for the miners. According to the minister of electricity, they have yet to approve a final rate for the electricity tariff for the miners, and it would be soon announced after its approval from the government.
At the moment, Iran’s electricity is sold at around less than 2.5 cents, but according to the reports, for mining farms would be higher than the standard rate, probably miners would have to pay at an exported rate which is around 7 cents per kilowatt-hour.
Cryptocurrency industry with every passing day is evolving, and we are experiencing a better proposition of blockchain technology. Iran is moving in the right direction with cryptocurrency expansion across the state. Crypto industry will help Iran to take advantage of its tax and customs revenues. The increase in income could help the government to buy foreign exchanges. This would be a significant boost to the economy of Iran and help the government to fight against the difficulties they are facing.
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