Iran Recognizes Cryptocurrency Mining as Industry

Iran Recognizes Cryptocurrency Mining as Industry

The local Central Bank, Ministry of Economic Affairs, Ministry of Energy, Ministry of Industry, Mine and Trade, and Ministry of Information and Communications Technology have acknowledged cryptocurrency mining as an industry

Iran has announced its recognition of cryptocurrency mining as an industry. And within the month its central bank will outline a framework for mining. The news resulted in $24,000 for BTC at local exchanges.

In the beginning, Iran has been unenthusiastic about cryptocurrencies. But with the heavy sanction from the US, the country seemed to be compelled to take alternative solutions. So, it is planing to issue its own cryptocurrency to use in international trade. Iran’s Supreme Council of Cyberspace Abolhassan Firouzabadi has stated the cryptocurrency will be utilized to ease trade between Iran and its trade partners. The infrastructure for Iran’s cryptocurrency will be private, thus making it inaccessible for people to mine. It will be state-backed.

Image credit: Flickr, Blondinrikard Fröberg

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