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Crypto Mining given Legitimate Industry Status in Iran

Cryptocurrency mining is currently getting the hold of the market as it is getting much popularity. The mining of coin is, overall, converting electricity into money. Bitcoin pays 12.5 coins for every block that is processed to the ‘miner’ that is involved in the mining business. Right now for mining a bitcoin block, with two bitcoin of transaction fees, one would get a mining payout of 14.5 BTC worth roughly $92,000.

Iran has finally agreed to initiate the mining of cryptocurrencies as a separate industry. Abolhassan Firouzabadi, who is the Secretary of Iran’s Supreme Council of Cyberspace, told IBENA,” a specialized news agency in banking and economy which is affiliated to the Central Bank of Iran.” Trading in cryptocurrencies, would additionally, also help out Iran in trade practice with Tehran and other partners.

According to, U.S ambassador, Richard Grenell since the 2015 Nuclear Agreement ended between Iran and the U.S, the former has been struggling, and has been turning to Bitcoin. The reason for Iran’s move towards Bitcoin is because of the fact that it offers a decentralized, , borderless, private and anonymity. Which means trading in crypto is inclusive to everyone, which is favourable of them.

The Central Bank of Iran had decided earlier to ban cryptocurrencies due to possible money-laundering concerns, but in the latest news, Iranian central bank is going to draft a policy framework for encrypted mining in the next three weeks.

Iran is planning to come up with their own cryptocurrency to improve its economic condition on the face of the sanctions which have been put on it leading to a dire commercial slump. According to Firouzabadi, it will be “promising and can be used as a financial transaction instrument with Iran’s trade partners and friend countries amid economic pressures through U.S. sanctions.”

Firouzabadi stressed that cryptocurrencies mining like bitcoin for organizations such as Ministry of Communications and Information Technology, Central Bank, Ministry of Industry, Mining and Trade, Ministry of Energy, as well as Ministry of Economic Affairs and Finance have agreed to accept the industry but the final policy for legislating it hasn’t been declared yet.