mido-finance.com

Iranian lawmakers bans using of all non-national cryptocurrencies for payments. As they announced it. The Iranian parliament made a plan. Which is a new bill that bans the utilization of all non-national cryptocurrencies for payments within the country. Based on a report by Tasnim News Agency.

Meanwhile, Iran wants to publish its own cryptocurrency. Which probably clarifies why it’s goal is to ban and stop making purchases in Bitcoin and other digital assets.

So, as a result, the Central Bank of Iran will regulate the local crypto market and will handle it.

Turkey also prohibited crypto payments back in April because of “transaction risks” in spite of the fact that the country ranks high in cryptocurrency adoption.

Mining farms in Iran

The Iranian bill requires that cryptocurrency miners will have to acquire licenses from the Ministry of Industry, Mine and Trade in order to start mining farms. Last week, the ministry gave authorizations to 30 mining operations.

In May, Iran inflicted a four-month prohibition on cryptocurrency mining. Which it was because of prevalent power outages.

The country also enlisted spies from the Ministry of Intelligence to track illegal mining farms that are mining without a license last month.

The offered legislation and law also says that miners will also can apply for participating in the structure of power plants and sell electricity surplus.

Iran will back up mining programs to boost its state earnings by $500 million a year beginning from March 2022. After all, Moreover, miners will be forced to manifest their assets to the central bank.

But formally, Tehran authorized cryptocurrencies mined in Iran to pay for imports of goods. Iran’s central bank bans trading cryptocurrencies mined overseas. However, these could be found on the black market. Based one what Iranians living in the country said.

These rules, Bitcoin ban, made a lot of difficulties for the mining companies in Iran.