Iranian authorities do not recognize cryptocurrency trading legal

Iranian authorities do not recognize cryptocurrency trading legal

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The Cabinet of Ministers of Iran has ratified the bill, according to which the trading of cryptocurrencies and their exchange are illegal in the country, despite the fact that mining has recently been recognized as an industrial activity. This was reported by the local news agency PressTV.

The law says that cryptocurrencies are not legal tender, and the central bank of Iran will not guarantee their value. In addition, transactions with digital currencies and crypto trading will not receive official status.

It is noteworthy that the extraction of cryptocurrencies in Iran is permitted subject to a number of conditions. So, miners will have to get the approval of the local Ministry of Industry to carry out their activities.

In addition, cryptocurrency mining will be banned within the 30-kilometer border of all provincial centers, with the exception of the capital of Tehran and the city of Isfahan. There will be more stringent restrictions.

Miners will also have to pay for electricity at tariffs set for the export of energy from Iran. Mining will also be taxed (benefits will be provided only to those who intend to sell cryptocurrencies abroad and give part of the proceeds to the state).

It is worth noting that in June, Iranian Energy Minister Khomayun Khairi said that cryptocurrency miners should not use preferential electricity tariffs.

Recall that cryptocurrency mining was recognized as industrial activity in the framework of the meeting of the Cabinet of Ministers of Iran, which took place in late July.

Iranian authorities do not recognize cryptocurrency trading legal

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