Iran is preparing an amendment process that would seek to regulate this activity in the country.
With the aim to regulate crypto-mining processes in Iran, the government announced it is formulating a new amendment that helps to have greater control over cryptocurrency mining. This, according to a document exposed by CoinDesk since no official details are known from the country’s authorities.
After last June, it was known that Facebook would be preparing to launch its cryptocurrency to the market. In response, many governments have been preparing, some of them with much concern, laws that allow them to have control over this activity.
Preventing others from having a financial flow that skips fiscal controls or is subject to irregular events or dirty money, may be the main interest to pay special attention in the crypto market and its variants.
Another interesting aspect is that since several years ago, cryptocurrencies are having an important advance in the global financial world. Also, assets such as Bitcoin are at their peak since its creation; there is a virtual currency that is decentralized and without control of any government. It can be a security risk that some users might not suspect about.
For this reason, there are many governments that have established strong controls against cryptocurrency mining, as well as their use and commercialization. In countries such as China or India, a direct ban on these assets has also been established. In Iran there is, even today, a similar ban, where it is even illegal to have cryptocurrencies because this “affects”, according to the authorities, the economy of the nation.
This refusal to mine in Iran is so fierce that it is even against the law to import mining equipment. Despite this, the document that came to light by CoinDesk indicates that lawmakers in Iran would be drafting a reform to that law, where many of the things that are heavily controlled are relaxed.
The document is a draft that would seek to be finished and then presented to the government and discussed among those responsible for approval or denial. The proposal is to change the prohibition of mining, allow the use or marketing of crypto assets, among others.
The document suggests that there should be a government-controlled registry where people who want to mine cryptocurrencies must be registered with their personal data, and then be certified, so the government would give licenses for these practices and legalize the status of cryptoactive miners.
It is detailed that among the necessary requirements for the government to grant a license are the personal data requested, the cost of the investment that will be made to carry out the mining, the address where the mining position will be located and a list of business that the applicant would handle.
This would undoubtedly help the cryptocurrency business in the country since although there is a ban, the market remains afloat due to the strong economic sanctions imposed by the United States government, which has forced Iran citizens to employ alternative methods to traditional ones with the aim to maintain their quality of life.
By María Rodríguez