RATE Group | Iranian Authorities Have Issued 1,000 Licenses for Cryptocurrency Mining
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Iranian Authorities Have Issued 1,000 Licenses for Cryptocurrency Mining

09 Feb Iranian Authorities Have Issued 1,000 Licenses for Cryptocurrency Mining

Posted at 07:24h in Cryptocurrency News by

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Iran’s Ministry of Industries, Mining and Trade has issued over 1,000 cryptocurrency mining licenses to domestic operations.

According to a report published on Jan. 24 by Iran’s Banking and Economic System Reference Media (IBENA), a member of the Information and Communications Technology (ICT) Guild Organization’s blockchain commission, Amir Hossein Saeedi Nai, informed the public of the number of licenses issued.

He explained that before launching a mining operation in the country, entrepreneurs must apply for a license, adding that the government has issued over 1,000 permits so far, and several mining farms have already launched operations. Nai estimated that, if the local mining industry were to function at full capacity, it would bring $8.5 billion into the local economy.

Mining’s role in Iran’s economy

Banking sanctions from the United States and other western countries have hit Iran’s economy hard. Nai said that the country is in need of foreign exchange volumes,…

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