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Iran President orders Central Bank to regulate cryptocurrency mining



Iran's President Hassan Rouhani has ordered government agencies to create regulations for cryptocurrency mining activity, according to a publication by ArzDigital on Wednesday (20).

According to the website, the Rouhani announcement, which took place last Tuesday (19), was addressed to the ministries of Energy, Communications and Information Technology, and the country's central bank.

The news comes just two days after the Iranian parliament published a bill that proposes strict regulations on transactions with cryptocurrencies.

According to Coindesk, the new parliamentary law requires that cryptocurrency exchanges operating in the country first register with the Central Bank of Iran (CBI).

According to the website, the requirement is possibly an attempt to prevent excess cash from leaving the country. For offenders, if passed, the new law provides for fines and imprisonment for contraband.

Mining and electricity in Iran

Late last year, Iranian officials began offering a reward to anyone who reported on bitcoin mining activity using government-subsidized electricity.

Mostafa Rajabi, a spokesman for the Iranian Ministry of Energy, promised to pay the whistleblower up to 20% of the cryptocurrencies that are confiscated.

The move would be because the Iranian region has become a target of bitcoin miners due to the low cost of electricity.

The government of Iran subsidizes most of the electricity supplied to the population. However, a 7% increase in consumption caught the attention of local authorities.

After an investigation, several miners were caught using government-subsidized energy.

New national currency

Due to high inflation earlier this month, the Iranian government announced the cut of four zeros in the Rial, as well as a new name for the Iranian currency, which will be called ‘Toman.

The currency already used informally by the Iranians or plans for it had been under discussion in the government for 12 years.

The new currency will be used for two years so that the population gets used to it and makes the exchange calmly, as it was in Brazil between 1993 and 1994, like Real, which succeeded Cruzeiro Real.

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