RATE Group | Cryptocurrency trading officially considered illegal in Iran
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Cryptocurrency trading officially considered illegal in Iran

06 Aug Cryptocurrency trading officially considered illegal in Iran

Posted at 10:27h in Cryptocurrency News by

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  • The Cabinet approved the bill that made crypto trading illegal in Iran.
  • Mining activities are allowed provided that miners comply with strict requirements.

     
The Cabinet of Ministers of Iran has approved the bill that made cryptocurrency trading illegal on the territory of Iran.
Meanwhile, crypto mining is considered as eligible industrial activity, the local media outlet PressTV reports.

According to the adopted legislation, cryptocurrencies are not considered as a legal tender, and the central bank of Iran will not guarantee or back up their value. Transactions with digital currencies and cryptocurrency trading are also deprived of official approval. 

Notably, Iran recently approved cryptocurrency mining provided that companies and individuals engaged in such activity comply with certain requirements. Thus, miners will have to get the approval of the local Ministry of Industry. Also, it is forbidden to mine cryptocurrencies within the 30-km border of…

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