President of Iran Called For New Crypto Regulations

    14 Jun 2021

    Iranian President has urged for a new standard in digital currency regulation following recent steps of the government in pursue to control the crypto sector.

    President Hassan Rouhani said that Iran required a legal framework for digital currency and related activities, which would protect the national interest while crypto mining remains illegal in the country.

    Recently, authorities in Iran have prohibited crypto mining because of fears of its impact on national infrastructure. It follows after massive blackouts in major cities over the country caused by a surge of mining.

    As Rouhani said, the laws must affect both the technical and the legal requirements of cryptocurrencies. He called for the soonest necessary measures to protect investors from the risks of cryptocurrency trading.

    According to the President: “For legalizing the activity of cryptocurrencies and protecting people’s capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions.”

    Rouhani convened a joint working group to draft the laws and significantly raise public awareness of the new regulatory measures in the industry.

    “The responsible agencies in the field of capital markets should cooperate with the media and cyberspace in the field of information, education, and public awareness about this phenomenon and its instructions and laws,” he said.

    Also, the Iranian President confirmed that crypto mining in the country would remain forbidden at least till the end of the summer, with “the Ministries of Communication and Information Technology and Energy… responsible for cutting off power to these centers.”

    As part of the government’s efforts to enforce the measures, people caught for cryptocurrency mining from domestic electricity connections are subject to heavy fines, with plans to remain these measures intact for the foreseeable future.


    Leave a Reply

    Your email address will not be published. Required fields are marked *