Iranian President Orders For National Crypto Mining Strategy

Iranian President Hassan Rouhani has ordered for the government to draw up a renewed national approach for the emerging crypto industry.

Rouhani told officials from the Central Bank of Iran (CBI), energy department and information and communication technology ministries that they needed to devise a new national strategy for crypto mining, including regulation and mining revenue, Iranian news site ArzDigital reported Wednesday.

The news comes barely two days after the Iranian parliament published a bill proposing to apply the country’s strict foreign exchange and currency smuggling regulation to cryptocurrencies. The new parliamentary law would also require crypto exchanges operating in the country to first register with the CBI – possibly in a move to try and prevent too much capital leaving the country.

Penalties for smuggling in Iran can include fines and imprisonment and just months ago, the administration of U.S. President Donald Trump raised concerns that Iranians were using digital assets in order to circumvent sanctions.

[image: Flickr]

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