Cryptocurrency Mining Now Accepted in Iran

As reported by Iran’s IBENA News Agency, the acceptance of cryptocurrency mining in Iran has been accepted by entities such as the Ministry of Communications and Information Technology, Iran’s Central Bank, the Ministry of Energy, the Ministry of Economic Affairs and Finance, and the Ministry of Industry, Mining, and Trade. However, the exact piece of legislation authorizing cryptocurrency mining has yet to be finalized. Though the source of the news is poorly translated into English, IBENA is directly affiliated with the Central Bank of Iran (CBI). Thus, it stands to reason that the report is legitimate. This news follows BeInCrypto‘s previous report that the CBI is expected to lift its widespread ban on cryptocurrencies in the coming weeks as part of its new regulatory framework on digital currencies. The acceptance of cryptocurrency mining would seem to suggest that the general ban on digital currencies — which was reportedly ineffective at stopping the operation of exchanges — will indeed be lifted. This news may be unsurprising to cryptocurrency proponents, as Iran’s fiat currency, the rial, continues to see its value plummet. Bitcoin and cryptocurrencies, meanwhile, continue to offer a viable alternative to failing fiat currencies. What do you think about the legitimization of cryptocurrency mining in Iran? Do you think the decision was spurred on purely due to the decline of the nation’s fiat currency? Let us know your thoughts in the comments below!