Iran’s President Hassan Rouhani called for a crypto trading legal framework aiming to protect national interests regarding crypto, as we are reading more today in our latest cryptocurrency news today.
Iran is looking to create a legal framework for cryptocurrencies while BTC mining remains under embargo in the country. During the Cabinet’s Economic Coordination Board meeting, Iran’s President Hassan Rouhani emphasized the need to legalize crypto activities and to preserve and protect national interests. Rouhani noted that the country has to pay attention to the legal and technical requirements regarding crypto and digital currencies and noted the risks of crypto trading so he outlined that people’s awareness in the field is necessary to avoid 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 for a study between different parties in order to establish a legal framework for crypto and said:
“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.”
He also clarified that crypto mining is prohibited until the end of summer and that the ministries of communication and information technology and energy are responsible for the power cut off to the centers. A month ago, the country’s ministry of energy announced that mining with household electricity is not legal and home miners will have to pay fines if discovered. In order to meet the demands of the increased domestic electric consumption during the hot summer in the country, Iran banned crypto mining until September.
As reported recently, Iran’s BTC mining could generate up to $1 billion in annual revenue as it accounts for 4.5% of all mining in the world according to blockchain data company Elliptic. The study by Elliptic estimates that it could bring in $1 billion per year and Iran accounts for 4.5 % of all BTC mining across the world. The current rate of power consumption estimates that Iran’s BTC mining farms will generate $1 billion in revenue annually. The study by Elliptic estimates that it could bring in $1 billion per year and Iran accounts for 4.5 % of all BTC mining across the world. The current rate of power consumption estimates that Iran’s BTC mining farms will generate $1 billion in revenue annually.