Cryptocurrency trading stays illegal in Iran

Posted 05 August, 2019

Tehran has reportedly kept expanding legislation with crypto-related rules. The government approved the law which did not approve cryptocurrencies as means of payment despite recent legalization of cryptocurrency mining.

According to local media, the new rule suggests that the Iranians cannot use cryptos for payments, which means that transactions with digital currencies fail to be official and legal within Iran's borders.

On August 4, Tehran ratified the law which also suggests that domestic crypto trading and exchange activities are also classified as  outlawed in the country. Besides, Iran's Central Bank is not considered to be assurer of the cryptocurrency cost.

For reference, the new rule got approval following the June statement made by the deputy chairman of CBI. That time, he claimed that buying of cryptocurrencies is illegal in the country.

 At the same time, Tehran decided to green light cryptocurrency mining decided to green light cryptocurrency mining and classified as separate production activity. After that, the government started considering the licensing for this sector. 

Local businesses will have to get mining permission from Iran's Ministry of Industry, Mine and Trade. Power supply for cryptocurrency miners will be set at export prices.

Notably, Iran's customs department said that no official licenses for import of cryptocurrency mining capacities have been issued yet in the country. 

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