Bitcoin Reaches $24,000 in Iran After Officials Recognise Crypto Mining Legal

Bitcoin Reaches $24,000 in Iran After Officials Recognise Crypto Mining Legal

Iran has recognized crypto mining as a legal activity, making steps toward issuing its own cryptocurrency; the news prompted a rapid rise in Bitcoin’s price on local exchanges. 

Cryptocurrency Mining Is a Lawful Activity

As indicated by a local media outlet IBENA associated to the Central Bank of Iran, Abolhassan Firouzabadi, the Secretary of Iran's Supreme Council of Cyberspace said that digital money mining "has been accepted as an industry in the government." 

Even though a final policy legislating for mining hasn’t been presented yet, the Ministry of Communications and Information Technology (ICT), the Central Bank and the Ministry of Economic Affairs and Finance has come to consensus. 

National Cryptocurrency to Bypass Sanctions

The country is planning on issuing its national cryptocurrency, and the move to consider crypto mining legal is a part of the plan. Previously, CoinTrend reported that the U.S’s economic sanctions were the major reason for Iran to appeal to the digital form of money. 

A national cryptocurrency is a “promising” tool to facilitate transactions since the country’s access to U.S. dollars is restricted, Firouzabadi added. 

The official said:

"A decision-making authority will declare the framework and final policies for trade and participation of startups and trade activists in the cryptocurrency sphere by September but no definitive decision has been taken yet."

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