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Iran Legitimizes Crypto Mining

September 5, 2018

 

There is now actually a country out there that has not only publicly called Crypto and Crypto mining legitimate industries, it has also announced legitimate plans for a regulatory framework for all Crypto related business ventures.

 

The tricky part is, the country in question is Iran.

 

Furthermore, contrary to reports like the one published by Cointelegraph today on the subject, the status of Crypto in Iran is a bit more complicated than the entire industry being generally accepted as viable by the country as a whole.

 

In trying to puzzle out the truth of this matter, the logical first question to ask is: what facts do we truly know?

 

Firstly, we know that the most important government agencies have accepted Crypto mining as a legitimate industry and therefore a legitimate endeavor.

 

According to Cointelegraph’s article, these agencies are: the Ministry of Information and Communications Technology, the Central Bank, the Ministry of Industry, the Ministry of Energy and a few others like the Ministry of Economic Affairs and Finance.

 

Overarching all of these agencies is apparently the Iranian National Cyberspace Center, which is effectively acting as the point agency on this issue in that it is developing what will be the country’s future framework for cryptocurrency mining regulation.

 

While all of this is going on, Iran is apparently considering a move analogous to what Venezuela has been doing with Petro. In other words, they are seriously thinking about launching their own version of a national cryptocurrency.

 

Given that the country is similar to Venezuela due to the fact that it is experiencing a particularly high inflation rate, this does seem to be a likely move for them to make in an attempt to peg something new to their failing currency.

 

As with Venezuela’s efforts, however, using a national Cryptocurrency is a risky endeavor at best, simply due to the rampant volatility of the space at this time.

 

Over all, in discussing all of this, we have discussed all of the facts on this situation, at this time. Because this is true, the conclusions that we can make now are shaky at best, beyond the fact that Iran is taking the Crypto segment of the Blockchain industry very seriously.

 

As time goes on, we will see just how seriously, especially when they choose whether or not to launch what will hopefully not be an Iranian version of the Petro. According to a report a few days ago by Cointelegraph, a draft of said currency has already been prepared, so we might not wait that long at all.

 

 

By: BGN Editorial Staff

 

 

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