Iranian authorities have recognized mining cryptocurrency as an independent industrial activity. The decision was made at the weekend, during a cabinet meeting chaired by the country's president, Hassan Rouhani. From now on, miners in Iran will have to obtain a license from the Ministry of Industry, Subsoil Development and Trade.
According to the media, many experts consider this announcement as the first step towards the legalization of cryptocurrency in Iran, including for circumventing US sanctions. However, the authorities noted that digital currencies as an instrument for domestic remittances are still outlawed, and industry participants themselves take all the associated risks and cannot count on the support of the state or the local banking sector.
Earlier it was reported that Iran is considering the possibility of increasing electricity tariffs for miners cryptocurrency. At present, they, like other consumers, enjoy subsidized prices, which, presumably, has caused an influx of industry participants from other countries to the region, including from China.