Iranian President Calls for Launching a Cryptocurrency Mining Strategy

Iranian President Hassan Rouhani has called for a mining strategy throughout the oil-rich nation. The latest statements from the Iranian President follows Iran’s moves to restrict specific crypto trading platforms over “currency smuggling” mandates.

On May 20, 2020, Iran’s President Hassan Rouhani told the press that the country needs to spur a cryptocurrency mining strategy, in order for the country to prosper economically amid U.S. sanctions. Reports stemming from the regional news outlet Arzdigital which claims Rouhani has told his administration to start drafting a crypto mining strategy for Iran as soon as possible.

Rouhani said that the energy department, the country’s central bank, and the finance minister need to devise a new scheme that welcomes bitcoin miners. This includes Iranian regulatory policy toward mining farms located in the country and taxes.

Iran recently recognized cryptocurrency mining operations as an official industry last year. Iranian officials…