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The Parliament of Iran has proposed a new bill for cryptocurrencies in the country. Under the law a clear legal framework has been designed for the crypto miners. The benefits will be given to only the legal miners in the country.
The Parliament Commission on Economy in Iran has drafted a new law under which restrictions are put on the people using cryptocurrencies within the country. The law has provided a clear legal framework for miners.
As per the report filed on Friday by a local newspaper in Iran, the new bill titled Support for cryptocurrency mining and organizing the domestic market for exchanges. It was first announced on June 23. As per the new law, if passed, the Iran Central Bank will become the regulatory authority for the cryptocurrencies in the country.
Proposal of the new bill
According to the bill, cryptocurrencies could be prohibited within Iran for payments except for the legalised one. They are the central bank digital currency and tokens that are mines by the licensed miners in Iran.
The central bank of Iran has ensured that all the digital currency trading in the country are mined from local farms. The proposed bill would come under the purview of the Ministry of industry, mine and trade. Farms will be given the license to do crypto mining under the proposed bill.
The licensed mining companies could apply with the Energy Ministry to sell off any surplus electricity. Companies that have partial or full control of a power plant could only apply.
Legal Crypto mining
Iran has been embracing crypto mining for a long time now. It has been legal in the country since 2019. But to perform mining, it is needed for the miners to have licenses to perform in the country and that they are legal.
Hassan Rouhani, the President of Iran has put a hold on the mining operations in the country until September. This was announced by him in May.
The authorities are tightening their grip on the unlicensed miners tapping into the power grid. During summer times, the country faces increasing demand for energy.
To preserve and protect the national interest of the country, the President during the meeting of his cabinet’s Economic Coordination Board shares that it is time for the country to legalize cryptocurrency. For forming a legal framework for cryptos in the country, a study was conducted between agencies and news.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
