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- Iranian Minister of Information and Communications Mohamed Javad Azari Jahromi decided to set up a crypto mine in the Kish island, during his visit
- The island in the Persian Gulf is a popular tourist destination, attracting over one million visitors each year.
- The High Commission on Cyberspace raised some concerns about cryptocurrency produced in other countries.
The Iranian Minister of Information and Communications Technology has proposed that Kish Island in the Persian Gulf be turned into a bitcoin trading center. Kish is an island off the coast of Iran’s Persian Gulf and one of the country’s free trade zones. During his visit to the island, the Iranian Minister of Information and Communications Mohamed Javad Azari Jahromi made this idea. Because the island’s extra energy cannot be transported to the mainland, the government permits it to be utilized as a Crypto miner. Several mines on the island have been operational, according to a Financial Forum study. Kish has the facilities to become the region’s center for international cryptocurrency exchanges. Negotiations with neighboring nations must be initiated by the government. The island in the Persian Gulf is a popular tourist destination, attracting over one million visitors each year.
The government also intends to transform it into a financial and commercial zone, attracting even more people. The rising fame of crypto has attracted a lot of countries to deal in crypto or set up crypto mines. Some countries have taken it in a negative way, wherein they have set up regulations or completely banned crypto from their countries to safeguard the privacy of their countrymen, on the other hand, some countries have taken the risk of promoting crypto and are now setting up mines to let it grow more and thrive in the country. Similarly, Iran has taken to setting up a crypto mine in its Kish Island so that it can mine the growing currency and make full use of it in its own country, making as much profit as possible.
Iran’s policymakers are already working on necessary crypto exchange rules, with the Minister of ICT’s suggestion being one of them. Currently, mining is permitted by the licensing firm, but cryptocurrency trading is illegal in the nation. There are, however, certain exceptions.
In April, the Central Bank of Iran approved the use of digital assets mined locally to pay for imported products. With the existing risks in the field of cryptocurrencies, it becomes a necessity to deal with the risks and take required precautions so as to prevent mal-usage of digital assets. As people are enthusiastic and are investing like whales, into the crypto market, someone has to oversee its functioning, thus these policymakers are the ones who will closely look into the working and mining of crypto in the country, and only after that, it can be credibly used.
The High Commission on Cyberspace raised some concerns about cryptocurrency produced in other countries. According to the deputy director, It is unknown who created the cryptocurrency. We don’t have enough data on those who invest in digital currency. As a result, we do not recommend that investors put money into digital assets. Regulating digital assets, on the other hand, is not an easy process. No national institution is ready to bear sole accountability. He also claimed that “cryptocurrency can assist the country to overcome sanctions in a few cases” and that the central bank should work out how to do this. Iran’s Central Bank has stated that it is not in a rush to issue encryption laws. On the roadmap, the organization plans to work with other government foundations, such as the Cyberspace High Commission.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
