Bitcoin and Cryptocurrency Trading in Iran Illicit

There have been reports that cryptocurrency miners have
increased Iran’s energy consumption by 7 percent.  The Iranian government has, nonetheless, been
very accommodating to the miners. The West Asian nation has ratified a bill
that officially acknowledges cryptocurrency mining. The Iranian government,
however, has not been so friendly towards cryptocurrency trading.

The ratified bill has failed to give cryptocurrency trading the same merit as crypto mining. As per the approved bill, the Iranian government does not recognize digital currency trading done within its borders as lawful.  Tweeting about the issue, Global Coin Research says:

 “Iranian government claims that it will not recognize as lawful any trade activity carried out inside Iran involving cryptocurrencies. It will also not view the digital coin as legal tender, and the Central Bank of Iran would not guarantee their value.”

More Accommodation for Bitcoin

The harsh stance taken on crypto trading, might not do much to dampen the mood of the growing Iranian interest in digital assets. Iranians are turning to digital coins to enable them to access international currencies. Iran is currently stifled by unending US sanctions targeting the Islamic Republic’s already ailing economy.

Cryptocurrencies have allowed Iranians to bypass the Trump administrations sanctions, over its nuclear deal with other global players. The Bitcoin craze has been the subject of many Iranian newspapers headlines, even discussed by the nation’s top ayatollahs. There also have been police raids on mining farms set up to make a profit from the digital currency.

Many government officials have decried crypto mining’s energy-hungry process. Most miners have also been abusing the nation’s system of subsidized electricity. The threat of raids and conflicting statements from authorities have nonetheless, driven crypto mining into the shadows, with miners wary of identification.

A New Dawn for Iran’s Cryptocurrency Mining

Now as the nation, joins the list of the progressive countries that have acknowledged cryptocurrency mining as a legitimate industry, the situation is bound to ease up. Crypto mining has been a gold mine for Iranians at a time when the rial has tumbled heavily against the dollar.

Iran had banned the importation of mining machines until the
bill on cryptocurrencies was ready. This issue will hopefully change as per the
ratified law.  The new law says that
mining will be allowed under certain conditions.