After a close discussion, the Tehran government has decided to make cryptocurrency mining legal within the Middle Eastern country. A decision much awaited by those who are employed in this type of activity, increasingly popular in Iran and which has been interpreted by insiders as a first and decisive step towards the launch of a virtual state currency. A decision given by many as unavoidable, in light of the increasingly significant difficulties that have been placed on the Iranian economy by the embargo decided by Trump, which should continue to persist for a considerable period of time, in light of the refusal with which the President of the United States has accepted the proposals from Tehran, with which he asked for the end of the same offering in return for greater controls on nuclear power.
What the government decided on mining
With the latest resolutions adopted, the Iranian government has approved the mining of cryptocurrencies as an industrial activity, as they therefore taxable, while imposing on the parties involved the obligation to obtain the necessary licenses from the Ministry of Industry, Mining and Trade.
Moreover, all those who handle digital uniforms are obliged to take on the risks in full which can derive from it, without the institutional authorities or the banking system being called upon to provide guarantees for them. Furthermore, the use of digital assets for transactions that take place within national borders is prohibited, while transactions that provide for the exit of cryptocurrency and the return of revenues deriving from Iran are excluded from taxation.
The issue of energy tariffs
The question concerning the tariffs to be applied to mining, however, remains unanswered at least for now, which had prompted the local authorities to ban the activity before the new prices to be applied to the electricity used for the purpose were established.
In this regard it should be emphasized how Iran represents an extremely favorable location for miners, precisely in light of the still very low energy costs. A feature that has recently pushed miners from other countries, starting with the Chinese, to organize their farms in Iran. Logically derived from it consequent increase in the amount of energy consumed, which has reached levels that cause concern in the authorities.
According to rumors leaked the government, despite the solicitations coming, has yet to approve the final price for energy stocks reserved for mining. According to the latest rumors the government should finally opt for a rate of about 7 cents per kilowatt hour, or more than triple the current rate, attested around 2 cents. Waiting for the final decision to be made, it has been noted moving many such activities within mosques, which are exempt by law from the payment of the energy consumed. A policy that however found government opposition in the form of seizure of the activities involved, as happened recently in Yazd province and which should ultimately be put aside in response to central government decisions.
