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Iran Recognizes Bitcoin And Crypto As An Official Industry, Says MP (#GotBitcoin?)

The Iranian government’s Economic Commission has approved a mechanism of cryptocurrency mining in the country, according to an announcement by the Iran Chamber of Commerce, Industries, Mines and Agriculture on July 22. Iran Recognizes Bitcoin And Crypto As An Official Industry, Says MP (#GotBitcoin?)

Iran Recognizes Bitcoin And Crypto As An Official Industry, Says MP (#GotBitcoin?)

Iran’s Economic Commission approves crypto mining ‘mechanism’

Governor of the Central Bank of Iran (CBI), Abdolnaser Hemmati said that “a mechanism to mine digital coins was approved by the government’s economic commission and will later be put to discussion at a Cabinet meeting.”

Initially, Iranian authorities announced that they are planning to authorize Bitcoin and cryptocurrency mining earlier in July, when the CBI governor Abdol Hemmati reportedly claimed that the Iranian government had approved some parts of an executive law that would authorize mining of cryptocurrencies in Iran.

At the time, Hemmati argued that digital currency miners in Iran should contribute to the country’s economy, rather than letting mined Bitcoin (BTC) escape abroad.

Also, at the Commission’s latest meeting, its head Elyas Hazrati said that cryptocurrency is now recognized as official by the government, adding:

“We do believe that cryptocurrency industry should be recognized as an official industry in Iran to let the country take advantage of its tax and customs revenues.”

Crypto mining industry taking shape in Iran

Today’s news also follows the finalizing of a tariff scheme for cryptocurrency miners by the Commission on July 21. Energy Minister Homayoon Ha’eri did not specify the exact price scheme, but stated that the price is dependent on market factors such as fuel prices in the Persian Gulf.

Also yesterday, Deputy President of the Islamic Republic of Iran Customs Administration (IRICA) Jamal Arounaghi announced that the agency has not yet issued licenses for the import of cryptocurrency mining equipment. The minister said that if the government authorizes import of crypto miners, IRICA will develop related directives.

In contrast, an Indian government panel recommended today to ban cryptocurrencies and impose sanctions for any dealings involving crypto assets in the country.

Meanwhile…

Iran Finalizes Electricity Pricing Scheme for Cryptocurrency Miners

The Iranian Economic Commission has reportedly finalized a tariff scheme for cryptocurrency miners, according to a July 21 report from Iranian economic daily Financial Tribune.

Per the report, Energy Minister Homayoon Ha’eri announced that, while the tariff scheme has been finalized, it is awaiting approval from the Cabinet of Iran — a governmental body consisting of various ministers and other officials chosen by the president.

While Ha’eri did not elaborate on the exact price scheme, he stated that the price is dependent on market factors such as fuel prices in the Persian Gulf.

The head of Iran Electrical Industry Syndicate, Ali Bakhshi, previously proposed a price of $0.07 per kilowatt hour for cryptocurrency miners. Electricity in Iran is currently very cheap due to government subsidies; one kilowatt hour of electricity currently costs $0.05, with power being cheaper in the agricultural and industrial sectors.

To put these prices in context, Mostafa Rajabi Mashhadi, the Energy Ministry spokesman for the power department, previously stated that the production of a single Bitcoin (BTC) uses about $1,400 in state subsidies.

The Financial Tribune reports that mining one Bitcoin reportedly consumes as much electricity as 24 buildings in Tehran do in one year.

Today’s news follows an announcement from the Central Bank of Iran (CBI), in which the banks governor Abdol Hemmati claimed that the CBI was planning to authorize cryptocurrency mining.

Similar to today’s statements from Energy Minister Ha’eri, Hemmati said that a planned law will require crypto mining in Iran to abide with the price of electricity for export, rather than allowing miners to use the heavily subsidized internal energy grid.

Also today, Deputy President of the Islamic Republic of Iran Customs Administration Jamal Arounaghi announced that the agency has not yet issued licenses for the import of cryptocurrency mining equipment. While a tariff scheme exists, the final decision on licensure awaits approval from the government.

Updated: 8-5-2019

Iran’s Cabinet Ratifies Bill Recognizing Cryptocurrencies and Mining

Iran’s government is close to passing a bill that finalizes regulation for cryptocurrencies.

As reported by local news source PressTV, the country’s cabinet ratified the bill on Sunday, approving legislation that will formally create a new industry of cryptocurrency mining, as was expected.

Mining will be allowed inside Iran as long as participant adhere to conditions listed in the bill, including obtaining industry ministry approval. Mining centres must also not be sited within a 30-kilometer (approximately 19-mile) range of all towns except the capital Tehran and major city of Esfahan where tougher restrictions will be applied, the report says.

Regarding devices used for mining, crypto miners must observe rules laid out by Iran’s standardization and communications authorities.

Mining firms also face fees on the energy used as part of the mining process, and will be charged for electricity, or natural gas that can be used to generate electricity, at the same prices as energy exports from the country, the bill reportedly says.

Miners will be taxed at the same level as industrial manufacturing firms, with exemptions for firms exporting mined cryptocurrencies and returning the revenue back to Iran’s economy.

The bill also notably lifts the illegal status of cryptocurrencies in Iran, although it stresses that trades made with cryptocurrencies in the nation are not recognized as lawful.

Further, cryptos will not be recognized as legal tender and the Iranian central bank will not guarantee their value.

The move has been prompted by Iran’s increasing popularity with crypto miners due to its cheap power. The country is also reportedly eyeing the use of cryptocurrencies as a means to circumvent international sanctions.

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