• Tue. May 28th, 2024

Iran Puts A Ceiling On Output Crypto Transactions and Directors Miners To Sell Their Assets to Central Bank

Oct 31, 2020
Iran Puts A Ceiling On Output Crypto Transactions and Directors Miners To Sell Their Assets to Central Bank

Iran revisited its rules and regulations regarding the trading of cryptocurrency within the country. As per the revision, Bitcoin miners have been directed to obtain licenses from Iran’s Central Bank. Miners have also been directed to sell their digital currencies directly to the country’s central bank.

It is confirmed from the reports that Iran has recently revised its rules and regulations governing the trading of cryptocurrencies. It has been informed that the Iranian Government intends to clear import payments through cryptocurrencies. For this purpose, the owners of cryptocurrencies have been informed through the amendment to seek licenses from the Central Bank. Only those cryptocurrencies will be bought by Iran’s Central Bank which has been mined in accordance with the amended regulations.

Later the news appeared in Iran’s Financial Tribune which suggested that the decision was backed by the Ministry of Energy. It has been told in the news that Ministry has been tasked to provide a ceiling for crypto miners. The ceiling will be imposed upon output transactions performed by the miners. It is said that since too much energy is consumed in the process, therefore Ministry will ensure compliance with the ceiling.

However, brief details of the amendments made by the Iranian Government haven’t been disclosed yet. Greater detail will be announced soon in due course, told the Iranian Government.

Mostafa Rajabi Mashhadi who is the spokesperson of the power industry told that cryptocurrencies can now be exchanged at Central Bank. He added further that however exchange will be subject to certain regulations as having been framed by the Central Bank.

In the meanwhile, Alirez Shamkhi a famous cryptocurrency analyst in Iran, has also shared his viewpoint on the amended law. He said that the amended law does not seem to be drafted consciously because there are apparent lacunas in it. He gave an example that it hasn’t been clarified in the law as at what price the bank will purchase the digital currencies. Nor any exchange rates have been determined by the bank.

Shamakhi also told that currently the cryptocurrencies are exchanged and sold as per the market value. He added further that payments of exchanges/selling were based on fiat currencies such as US Dollar and Rial. However, the law does not speak as to which currency will be made available to minors.

However, to date, more than a thousand licenses have been issued by the Iranian Government to the miners.

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