According to the Iranian Vice Presidency for Legal Affairs current regulations approved by the Tehran government in 2019 do not ban the swapping of cryptocurrency. This was said said in response to an inquiry by the Iranian Information and Communication Technology Guild.
The legal experts emphasized that banks and moneychangers in the Islamic republic are allowed to use cryptocurrency only minted by licensed miners inside Iran to pay for imports
The Iranian government recognized cryptocurrency mining as a legal industrial activity two years ago and also authorized dozens of entities to extract digital currencies using the country’s cheap energy.
Furthermore, power demand got high this summer, due to the extraordinarily hot summer and mining was partially blamed for electricity blackouts across the county. In reaction to this, the government went after illegal miners and also threatened to shut down licensed enterprises during hours of peak consumption.
Digital currencies became pretty popular and calls to properly regulate the crypto industry have been mounting, also in early July, lawmakers also proposed legislation purely designed to put the sector in order. While the draft law effectively bans cryptocurrency payments in the Islamic Republic, it aims to support mining and also regulate the crypto exchange market.
In June, Hassan Rouhani( then-president) insisted the government should implement the “necessary laws and instructions” as soon as possible.
On June 18, a new president was Elected (Ebrahim Raisi) and he assumed office on Aug. 3. The president serves as the head of government in the Islamic Republic and the incumbent can choose to appoint vice presidents to head various departments and organizations involved in the exercise of presidential powers. Under Rouhani, Iran had a dozen vice presidents, including one incharge of legal affairs, Laya Joneydi.
Do you think the Iranian government will revert it’s decision on crypto-fiat exchange in the country?
