RATE Group | Iranian Gov’t Authorizes Cryptocurrency Mining as Industrial Activity
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Iranian Gov’t Authorizes Cryptocurrency Mining as Industrial Activity

03 Aug Iranian Gov’t Authorizes Cryptocurrency Mining as Industrial Activity

Posted at 13:22h in Cryptocurrency News by

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The Iranian government has authorized cryptocurrency mining as an industrial activity.

A report from IIDO-owned Mehr News Agency on July 29 revealed that the decision was taken this weekend, during a Sunday cabinet session chaired by Iran’s President Hassan Rouhani.

First step towards legalizing crypto?

Now that mining has been officially authorized, entities engaged in the activity will be required to seek a license from Iran’s Ministry of Industry, Mine and Trade, the report notes.

Mehr News claims that many experts are interpreting the move as being the first step towards the legalization of cryptocurrencies in Iran, noting the potential use of the asset class to countervail the crippling impact of the United States’ sanctions against the country.

The government’s decision nonetheless reportedly underscored that using cryptocurrencies for domestic transactions remains outlawed and that those engaged in the industry should bear responsibility for the risks without any…

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