By Hassan Mehmood (Saudi Arabia)
The United States has excluded Iran from participating in any major financial institutional trade treaties to isolate the country. Under these circumstances, the country has been finding relief under the umbrella of cryptocurrencies. After dealing with increasing amounts of illegal crypto miners in the region, the government finally issued 1000 licenses in Iran for legalized crypto mining.
However, in a recent televised address to the nation, the president of Iran called for a blanket ban on crypto miners claiming that more than 85% of rigs in the region are still operating without certification. Last month, the Ministry of Energy also categorized household mining as an illegal activity and imposed heavy fines on the defaulters. Other than the abuse of fossil fuels and power blackouts, the growing crypto mining rigs are also associated with creating dangerous quantities of toxic smog in the region.
People of Iran Needs to be Educated about Cryptocurrencies before Introducing Regulations
Hassan Rouhani, current president of Iran, who was elected in the 2013 presidential elections, has called for crypto-savvy regulations in the region. He was speaking at the Economic Coordination Board Meeting on 8th June. During the meeting, he emphasized that cryptocurrencies have the potential to contribute to the growth and development of the Iranian economy and preserve national interest.
Also read:He made it clear that for the time being, the crypto mining operators should remain banned until the summer ends. However, he opines that it is important to communicate the policies and instruction at a mainstream level for the universal implementation of crypto-related laws. President Rouhani also assembled a joint party conference to study the difference of opinions and prepare a legal infrastructure for crypto regulations.
Iranian Intelligence Agencies are Hunting Down Illegal Cryptocurrency Miners to Salvage the Natural Resources of the Country
The problem of illegal crypto mining rigs is getting out of hand for the Iranian energy sector. These large-scale yet unlicensed operations are held responsible for creating power shortages and frequent blackouts in the region. The president of Iran has explicitly instructed the IT and Communication Ministries to ensure power shut down and interception of such illegal entities.
While Bijan N. Zangeneh, oil minister of Iran, denies that crypto miners are resorting to using inferior quality petroleum products to power the unsanctioned mining rigs, the situation of pollution is worsening in the region. According to a survey conducted by IQAir, the air quality has fallen significantly over the past few months. The intelligence agencies of Iran have started to conduct sting operations and arrest the defaulters. Meanwhile, Iran has decided to continue its embargo for Bitcoin mining at present.
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