The President of Iran, Hojjatoleslam Hassan Rouhani has called for a new national strategy for crypto mining, including regulation and mining revenue.
According to the local news report, Rouhani has emphasized that the Ministries of Energy, Communication, and Information Technology, together with the central bank, should follow up on the issues of digital currency mining and make the necessary plans in this regard. The president made this decision during the 137th session of the government’s Economic Coordination Headquarters, held on Tuesday under his Chairmanship.
Iran was one of the first countries to officially recognize crypto mining as a legitimate industry. The country’s government now issues license to crypto mining companies, which gives them the green light to mine and sell off digital currencies in the country. Since the legalization of mining activities in the country, authorities have issued over 1,000 licenses to crypto mining companies.
The government recently issued a license to iMiner to operate the biggest crypto mining farm in the country. Data from Bitcoin Mining Map shows that, the Middle Eastern country currently has a 4% share in Bitcoin’s total hashrate. This current figure is more than double what it was at the beginning of September last year.
The Iranian parliament had earlier published a bill proposing to apply the country’s strict foreign exchange and currency smuggling legislation to cryptocurrencies. The proposed law would require crypto trading platforms operating in Iran to first register with the country’s central bank. The proposed bill also suggests huge fines and imprisonment for companies and individuals smuggling crypto into the country. This move is possibly to prevent too much capital from leaving the country.