Crypto mining legalized by the Iranian government

• A license is needed to be considered for the crypto mining activity.
• Cryptos are still not considered as legal tender.

The government during a cabinet session held on Sunday and chaired by President Hassan Rouhani okayed crypto mining activities. However, to be considered for this industrial activity, a license has to be acquired from the Ministry of Industry.

People using cryptos were also told to be aware of the risks since banks will not give guarantees in case of losses. Moreover, cryptos are still not considered as legal tender. Participants must also know that crypto mining is a taxable activity unless the cryptos are  sent abroad and revenues channeled back to the nation.

This is a great step for the crypto space in Iran and could mark the beginning of the journey to legalize cryptocurrencies. Iran stands a better chance of using cryptos to by-pass the impact of tough economic sanctions imposed by The US. Lower electric costs are an attraction to cryptocurrency miners in the country. In fact, there are reports that miners from China are starting to set up firms in Iran.