Iranian President Calls for Launching Cryptocurrency Mining Strategy

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Iranian President Calls for Launching Cryptocurrency Mining Strategy

Iranian President Hassan Rouhani has called for a mining strategy across the oil-rich nation. The latest statement from the Iranian president follows Iran's steps to limit certain crypto trading platforms for the mandate of "currency smuggling".

On May 20, 2020, Iranian President Hassan Rouhani told the press that the country needed to spur a cryptocurrency mining strategy, so that the country prospered economically amid US sanctions. The report, which comes from the regional news outlet Arzdigital which claims Rouhani told his government to start developing a crypto mining strategy for Iran as soon as possible.

Rouhani said that the energy department, the country's central bank and the finance minister need to devise a new scheme that welcomes bitcoin miners. This includes Iran's regulatory policy towards mining agriculture located in the country and taxes.

Iran recently recognized cryptocurrency mining operations as an official industry last year. Iranian officials have issued licenses for agriculture that are willing to cooperate with the Iranian government.

In January 2020 it was reported that Iranian lawmakers licensed more than 1,000 mining operations in the country. In the summer months of 2019, Iran represented 2% of the entire global hashrate of the Bitcoin network. But since then, the last migration has made it so that Iran now has 4% of total hashrate according to statistics.

Rouhani's statement was somewhat confusing after the Iranian government made it difficult for international crypto exchanges to operate in collaboration with the country. This week the Iranian parliament released a proposal aimed at curbing "currency smuggling" by heightening regulations for international crypto exchanges. Basically, the Iranian parliament wants Iran-based exchanges to be licensed and they are required to follow a currency smuggling mandate.