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Middle Eastern country is up to increase the penalties on cryptocurrency mining activities that fall under several conditions
Iran is planning to increase their penalties for cryptocurrency mining activities that are illegal or unauthorized in the country. For which the middle eastern country is drafting new rules that would include additional fines and imprisonment other than penalties.
According to the reports by IRNA publication on Sunday, an official at Power Generation, Distribution, and Transmission Company of Iran stated that the administration of the country will approve those new rules for increasing penalties for illegal or unauthorized cryptocurrency mining.
Explaining the new law, Mohammad Khodadadi Bohlouli said that the increased penalties include the increase of fines by almost three to five times along with imprisonment to the offender and cancellation or repeal of the business license of the culprit.
Khodadadi also went on to say about the new law that it would also include the prohibition of using subsidized electricity that is intended for agricultural, industrial, commercial, and household subscribers.
The Government has approved cryptocurrency mining in Iran as an industry in the year 2019. Later next year, in 2020 there were approx 1,000 licenses issued for crypto mining operators by the ministry of Industry, Mine, and Trade.
However, the authorities in Iran said that several unauthorized miners were reported to use electricity reserved for household usage for cryptocurrency mining which resulted in one of the major issues for the electricity industry of the Country.
Last year in December, cryp-to miners in the region were given orders to stop all mining operations to prevent winter bl month last year, the authorities seized more than 220,000 mining machines and closed down about 6,000 illegal crypto mining farms all over the country.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
