The Iranian government did a complete turnaround and has authorized the mining of cryptocurrencies to help its industry. News BTC reported that a gloomy economic forecast forced authorities in the country to accept bitcoin as an industrial aid.
Not just everyone can mine as reports came in that aspiring miners should secure required licenses from the Ministry of Industry, Mine, and Trade. This regulatory policy would effectively designate crypto mining into a taxable commodity unless these miners use the tokens to bring back profits into the country by exporting them to traders outside of the country.
Iran is also stating that it would not recognize any banking or legal support to these miners. Bitcoin or any other non-Iranian asset for payments also remained banned in the country, according to reports.
The go signal was given after a government committee approved cryptocurrency mining activities done inside the country. The policy was approved by the economic commission of the government and has also been discussed in a cabinet meeting, according to Central Bank of Iran governor Abdolnaser Hemmat.
The number of citizens that have been mining bitcoin has multiplied, and Iranian authorities are coming to grips with that, according to Coin Telegraph. Mohammad Javad Azari Jahromi, the Iranian minister for information and communications technology, reportedly said that the country has since become a "haven for miners."
He continued by saying that bitcoin mining in the country is not forbidden in law, but the government, as well as the Central Bank, had ordered the Customs Bureau banning the import of machines for mining until regulations and policies have been approved.
Tehran has been facing the threat of hyperinflation since the US-led sanctions against the country. Oil export revenues fell down by almost 90% and unemployment is nearing 20%, while its people are allegedly working below the national poverty-line average.
Crypto-mining became popular recently because of Iran's subsidized electricity rates, currently at half-a-cent per kilowatt. It has also made the headlines in most news outlets in the country because of the government's concern that Iranians are using them for the conversion of the rial to other currencies.
Tensions between the US and Iran have escalated after each country shot down the other ones' drone. The US government issued threats through the promise of an airstrike, later rescinded by US President Donald Trump. However, it hasn't done any actions concerning its imposition of tariffs into Iranian goods.
