iran cryptocurrency mining
Iran’s Ministry Of Industry Issues Over 1,000 Licenses For Cryptocurrency Mining
January 28, 2020
iran cryptocurrency mining
Iran’s Ministry Of Industry Issues Over 1,000 Licenses For Cryptocurrency Mining
January 28, 2020

Iran’s Ministry of Industries- Mining and Trade has issued over 1,000 cryptocurrency mining licenses for domestic operations.

On Jan. 24 according to a post by Iran’s Banking and Economic System Reference Media (IBENA), a member of the Information and Communications Technology (ICT) Guild Organization’s blockchain commission – Amir Hossein Saeedi Nai, informed the public of the number of licenses issued.

Nai adds that before launching a mining operation in the country, entrepreneurs must apply for a license, adding that the government has issued over 1,000 permits so far, and several mining farms have already launched operations. Nai estimated that, if the local mining industry were to function at full capacity, it would bring $8.5 billion into the local economy.

Banking sanctions from the United States and other western countries have hit Iran’s economy hard. Nai says that Iran is in need of foreign exchange volumes and that digital currency can help facilitate trade while importing foreign currency as well as be used to skirt economic sanctions.

iran crypto licenses

The official explained that the ICT Guild Organization is currently working to improve Iran’s cryptocurrency mining conditions. The hope is that local mining activity will see a renaissance through changing electricity rates and boosting cooperation between local cryptocurrency miners and gas-burning power plants. 

ALSO READ :  Bank Of Japan Creates New CBDC Research Team

Iran has some of the lowest energy prices in the world at $0.007 per kilowatt-hour. However, recent energy shortages and blackouts have led regulators to take a more active role in managing the country’s power supplies and therefore, take a strict approach to cryptocurrency mining.

The rise of cryptocurrency mining in Iran led the government to raise its electricity tariffs for the sector significantly from the aforementioned $0.007 to $0.07 per hour — the same price as electricity exports. 


Source: Cointelegraph


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.