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.

Bitcoin against the Iranian real (IRR) over the last 30 days.

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…