December 9, 2022
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Bitcoin

In support of its own cryptocurrency, Iran plans to ban Bitcoin payments

Iran joins other countries in approach to crackdown on Bitcoin

The Iranian parliament has drafted a new bill that bans the use of all non-domestic cryptocurrencies for payments within the country, according to a Tasnim News Agency’s July 2 report. Meanwhile, Iran plans to issue its own cryptocurrency, which probably explains why it intends to ban the purchase of Bitcoin and other digital assets.

The local cryptocurrency market will be regulated by the Central Bank of Iran.

According reported by U.Today, Turkey also banned crypto payments in April due to “transaction risks” despite the fact that the country ranks highly in adopting cryptocurrencies.

Mining Licenses

The Iranian bill stipulates that cryptocurrency miners will have to obtain licenses from the Ministry of Industry, Mines and Commerce to establish mining farms.

Last week, the ministry granted permissions for 30 mining operations.

In May, Iran imposed a four-month ban on cryptocurrency mining due to successive power outages. The country also enlisted intelligence ministry spies to hunt down illegal mining farms operating without a license last month.

The proposed legislation also establishes that mining companies will be able to apply to participate in the construction of plants and sell surplus electricity.

Iran will support mining companies to increase their state revenue by $500 million a year starting in March 2022. However, miners will be required to disclose their assets to the central bank.

Source: U.Today

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