According to a report by Iran-based news site ArzDigital, Iranian President Hassan Rouhani has directed the national government to chalk a new strategy for cryptocurrency mining.
Iranian President Calls for Clear Crypto Mining Strategy
Earlier this week, Iran President Rouhani instructed the officials from the Central Bank of Iran (CBI), energy department and information and communication technology ministries to come up with a well-researched and thorough plan to review the country’s approach to the emerging cryptocurrency economy.
Specifically, Rouhani asked the officials to focus on cryptocurrency regulation and the revenue associated with mining digital currencies.
The call by the Iranian President to devise a cryptocurrency mining strategy is a particularly significant development as the country continues to find ways to circumvent the myriad sanctions imposed by the U.S.
As recently reported by BTCManager, the Iranian parliament had passed a proposal to include digital currencies within strict exchange and currency smuggling regulations. Should the bill be passed, it would require crypto exchanges in Iran to compulsorily seek regulatory licenses from the CBI to continue operations within the country.
Iran’s Stance on Crypto Unclear
Interestingly enough, Iran has had a rather see-sawing relationship with cryptocurrencies that keeps oscillating between dubbing cryptocurrencies illegal tender and introducing regulations to create a conducive market environment for the local crypto ecosystem. In fact, the Middle-East country has also mulled developing its own central bank digital currency (CBDC) to avoid international sanctions.
Notably, in July 2019, Iran’s Head of Economic Commission announced that the Iranian government officially recognizes the cryptocurrency industry. This announcement came at a time when Iranians could be observed pouring billions into Bitcoin (BTC) in a bid to tackle the economy-hampering U.S. sanctions.
Later, in September 2019, the Iranian National Tax Administration (INTA) announced that cryptocurrency miners in the country would be given attractive tax exemptions if they bring their foreign earnings back into Iran.
On a more recent note, BTCManager informed its audience how Iranian authorities had licensed Turkish Bitcoin mining giant iMiner to begin operations in the country.