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Cryptocurrency mining officialised in Iran

Abdolnaser Hemmati, Governor of the Central Bank of Iran (CIB) has announced today that the country has officialised cryptocurrency mining. Hemmanti’s statement comes as a relief for crypto enthusiasts, as Iranian authorities have been planning to give the green light since early July. The decision has been fueled by the necessity of boosting the Iranian economy after the sanctions applied by the US.

The Iranian Chamber of Commerce, Industries, Mines and Agriculture it’s aiming to welcome more mining firms during the next couple of months as well as provide more details on the final legal framework.  The newest legal mechanism, regulated by a specific commission, will also encourage mining by applying special tariffs and extra facilities.

The newest Iranian body in charge of the incentive will also be regulating electricity consumption throughout a new tariff scheme. Worth highlighting the fact that until now, Iranians have been paying approximately $0.01 KpH, which was an attractive rate for many.

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