Iran Legalizes Crypto Mining, Causing Bitcoin (BTC) To Surge To $24,000 on Exir Crypto Exchange

The Iranian government publicly recognized crypto mining as an activity that forms part of the financial industry. The announcements were released on Tuesday, September 4th by Iran’s National Cyberspace Council. Consequently, Bitcoin (BTC) surged to $24,000 on Exir crypto exchange.

The recognition of cryptocurrency mining as a lawful activity in Iran comes from the ministries of Communications and Information Technology, Industry, Mining and Trade, Energy, Economic Affairs and Finance. These institutions, in conjunction with the Central Bank of Iran, are responsible for building the legal framework that will serve to regulate the mining activity in Iran.

Abolhasan Firoozabad, the secretary of the National Council of Cyberspace, said in an interview that the legal framework for crypto mining activity is still under construction and that “no final decisions have been taken,” but they plan to present the bill by September 22nd.

At the moment, no draft has been publicly presented that would allow the growing Iranian Bitcoin (BTC) ecosystem to know what the possible measures would be implemented.

Bitcoin (BTC) price surged to $24,000 on Exir thanks to the Iranian government’s acceptance of crypto mining

In April of this year, the Central Bank of Iran (CBI) outlawed the use of Bitcoin (BTC) across Iran, considering it to be a tool for money laundering. As a result, the country’s crypto exchange platforms lost the banking support of the national financial institutions.

However, this restriction was limited, but not eliminated, as the exchange of Iranian Real (IRR) for Bitcoin (BTC) is now possible on peer-to-peer platforms such as LocalBitcoins. On the other hand, Exir, another crypto exchange platform, noted that government recognition of crypto mining in Iran triggered the price of Bitcoin (BTC) to surge to about $24,000 (in IRR) on its portal.

Iran’s new decisions regarding the cryptocurrency ecosystem, as well as the plan on releasing a national crypto token, would function as a mechanism to circumvent the economic sanctions imposed against the country from the United States.

So far, no official information is known about the upcoming Iranian national cryptocurrency, but rumors pointed out to Hyperledger Fabric as the underlying technology for Iran’s token.

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About the Author: Anna Galvez

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