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Iran takes further steps to regulate block reward mining
NEWS

Iran takes further steps to regulate block reward mining

This week, Iranian Vice President Eshaq Jahangiri announced an official government decree designed to tighten its control over the growing block reward mining industry and stamp outillegal operators.

According to the directive, all block reward miners have to register their identity with the Ministry of Industry, Mines, and Trade. Miners must also disclose the number and type of equipment used to mine digital currencies. Officials gave miners one month to comply with the new order.

The ministry will then publish a list of sanctioned mining facilities that block reward miners must use if they intend to operate within the country. Block reward miners may apply for an activity license, and all licensed mining centers must register the delivery receipt on their system.

Iran embraced the digital currencies mining industry in part to offset the potential economic turmoil from U.S. sanctions put in place by the Trump administration. In 2018, Iran’s President Hassan Rouhani allegedly even flirted with the idea to launch a national digital currency.

Iran’s regulatory framework has been a source of confusion because of conflicting mining policies, tariffs, and laws leaving many operating illegally or in a grey area. Iranian policy makers said the new directive published this week endeavors to “eliminate the confusion of” activities related tomining digital currencies.

For those that refuse to comply with the order, officials are still offering cash rewards for reporting illegal digital currency mining activities that impact the national power grid.

While the country has discovered its love for mining digital currencies, usage of digital currency as a medium of exchange and trading of digital currencies remain prohibited inside Iran.

The order did not specify the penalties for failing to comply with the new measures.

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