Regulation News

Iran’s government to legalize cryptocurrencies

TL;DR Breakdown

• The project to legalize cryptocurrencies in Iran may skyrocket the virtual currencies’ price.
• The Iranian government could support crypto after the elections.

Although Iran has no laws regulating crypto transactions, it has no significant movements in crypto commerce. The country has only served as a region for Chinese mining companies. Chinese miners undergo their operations in the country because the energy payment is low.

However, the authorities have been forced to intervene due to the amount of energy consumption. Despite that, the president of Iran plans towards legalizing cryptocurrencies.

President Rouhani said that the ministries of communication, information technology, and energy manage these mining centers. These ministries have the power to decide when to cut power to mining farms in the country if it is overloaded.

Iran has confused stance on cryptocurrency legalization

Although the president of Iran has plans to legalize cryptocurrencies, the government in charge has different leanings. The government does not have a clear idea about the crypto future, although they have not yet shown a regulatory environment.

The elections in Iran are approaching, giving the government many obligations and having crypto take a back seat. Legalizing cryptocurrencies in Iran may be touched upon later this year when the new government stabilizes. However, Bitcoin will remain a vital source of income for the country.

The Iranian government has used cryptocurrencies as a passageway to avoid sanctions imposed by the United States. Crypto is a priority for the government, companies, and citizens looking to make money from a passive investment in Iran.

Rouhani makes the points clear

Although the Iranian government controlled by Rouhani is about to end by new elections, the president has clarified the points. Legalization of cryptocurrencies is among the priorities the Iranian government will seek to fulfill this year. The authorities are betting on virtual currencies that reached their all-time high more than a month ago.

Iran wants to be the source of income for Chinese miners, and also wants to enter the crypto market. The government may create its bitcoin mining farms to boost the country’s economy. This new partnership could make the cryptocurrencies prices skyrocket.

The project to legalize cryptocurrencies in the country will make the capital markets cooperate with various areas. The Iranian government will try to make virtual currencies of great support to media and technology.

President Rouhani has also proposed cryptocurrency education for everyone. These measures should be applied soon while the crypto market is at the peak of its popularity.

This post was last modified on June 11, 2021 5:59 pm

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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