Connect with us

Blockchain

Iran Prepares To Launch Bill That Will Centralize Crypto Usage: Report

Iran prepares to launch a bill that aims to centralize and regulate cryptocurrency usage and it is also reconsidering the crypto mining stance in the country so let’s read more in our latest cryptocurrency news. The Iranian lawmakers drafted a bill to support crypto mining and organize the domestic market for exchanges. The plan involves […]

Published

on

Iran Prepares To Launch Bill That Will Centralize Crypto Usage: Report

Iran prepares to launch a bill that aims to centralize and regulate cryptocurrency usage and it is also reconsidering the crypto mining stance in the country so let’s read more in our latest cryptocurrency news.
The Iranian lawmakers drafted a bill to support crypto mining and organize the domestic market for exchanges. The plan involves making the Central Bank of Iran a primary regulatory body about the domestic exchange of cryptocurrencies in three months. This includes a new plan to prohibit the exchange of any crypto within the country aside from their own national one as a means of payment. An interesting section of the bill states that domestic crypto miners will be controlled by the Ministry of Industry and the miners have to be granted a license from the ministry in order to operate as well as a license to construct power plants that are required to run their operations which caused plenty of blackouts by draining the electricity supply of a city back in May.

Miners will have to option to sell the excess energy that they will generate considering that 4% of the global BTC mining was estimated to be done in Iran. Similar to China, Iran is on a similar path of substituting cryptocurrencies with a CBDC like the digital yuan. A cryptocurrency of this kind will give the authoritarian governments much bigger surveillance and control of their people’s money which is authentical to the value of decentralization which most crypto supporters hold but also the BTC users too. Last month, the Iranian government seized 7000 computer miners from a crypto mining farm and just like China, started a crackdown on these activities.
This is why Iran prepares to launch a bill in line with the ban that the country issued on crypto mining back in May in response to the blackouts. The ban forbids household mining operations that will last until September 2021. Before this, Iran was considered a major hotspot for mining operations because of its cheap electricity.

As recently reported, Iranian authorities confiscated about 7000 crypto mining machines with the latest developments are in line with the Iran crackdown on the illegal BTC mining activities. According to Reuters, General Hossein Rahimi who is the Tehran police chief who revealed that the computer miners were found at the abandoned factory in Iran’s capital that was used to carry out illegal crypto mining activities.