Iran: crypto mining is recognized as an industrial activity

by in Cryptocurrency News

Mining officially allowed in Iran

During the meeting of the Iranian Cabinet of Ministers, which was held on Sunday under the chairmanship of President Hassan Rouhani, mining cryptocurrency was recognized as an industrial activity, the local news agency Mehr News reported.

According to a government decree, miners will have to receive a license from the Ministry of Industry, Mines, and Trade.

At the same time, like other types of industrial activity in the country, mining will be taxed (benefits will be provided only to those who intend to sell cryptocurrencies abroad and give part of the proceeds to the state).

Related: Bitcoin rises to a high of $30,000 in Iran

The Iranian authorities also noted that cryptocurrency owners should take the risks associated with digital assets themselves, as the state does not give any guarantees to miners.

At the same time, the Cabinet underlined separately that cryptocurrency still cannot be used as a means of payment.

Recall that at the beginning of the year, information appeared in the Internet that the Iranian authorities, in cooperation with four local banks, intend to launch PayMon cryptocurrency to circumvent international sanctions. Recently, reports of its imminent launch began to reappear in the media.