Iranian President Orders Govt to Draw Up a National Crypto Mining Strategy

Share Article
In Brief
  • Iranian President Hassan Rouhani told officials at the central bank that they needed to create a national strategy for cryptocurrency mining.

  • Cryptocurrency mining was legalized in the country in August 2019.

  • The country possesses a large mining community and makes up around 4% of Bitcoin's hashrate.

  • promo

    BIT Launchpad: Up To 3,500 FREE BIT. Don’t Miss The Beat. Join Now!

The Trust Project is an international consortium of news organizations building standards of transparency.

In a surprising move, Iranian President Hassan Rouhani wants the government to further explore cryptocurrency mining.

Sponsored



Sponsored

Rouhani told officials at the Central Bank of Iran that they needed to create a national strategy for cryptocurrency mining. This includes regulations and estimates for mining revenues. The story was first reported by Iranian news site ArzDigital on Wednesday. 

The story is undoubtedly one of the most direct confirmations that the Iranian government is taking cryptocurrency mining seriously. Last year, Iran made headlines for officially legalizing cryptocurrency mining.

Sponsored



Sponsored

Due to the country’s cheap electricity prices, many mining operations have been set up there in the past few years. Whereas officials first cracked down on the practice as wasteful, they now see an opportunity. For better or worse, cryptocurrencies also allow the Iranian government to circumvent sanctions, which has been crippling them for years now.

Iran currently has around 4% of Bitcoin’s entire hashrate, as per the Bitcoin Mining Map. This has been steadily growing over time and was around 2% in September 2019.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Bit2Me ICO JUST STARTED! Buy B2M token now.

Buy now!

BIT Launchpad: Up To 3,500 FREE BIT. Don't Miss The Beat.

Join Now!