August 6 2019

Iran Bans Cryptocurrency Payments 🚫

Iranian news agency PressTV, reports that the Government of Iran has passed a new law, according to which cryptocurrency is not recognized as legal tender, and internal transactions using cryptocurrency are considered illegal. 🙅‍♂️

The regulation states that the government and the banking system will not consider digital coins as legal method of payments, and the central bank of Iran will not guarantee their value. 💼

The adoption of the law followed recent comments by the Deputy Governor of the Central Bank of Iran, who announced in July that buying and selling cryptocurrencies, such as Bitcoins (BTC), are illegal. 🏦

At the same time last month Iran passed a law allowing crypto mining. ⛏️

The government of Iran referred the extraction of cryptocurrency to the category of industrial activity. 🔥

In order to mine cryptocurrency, local miners must obtain permission from the Ministry of Industry, Mine and Trade of Iran as reported in the video before that you should see at the screen. Just in case I left the link below that video. 🏦

Cryptocurrency mining equipment should be located no closer than the 30-kilometer zone from the provincial centers of the country, as well as the cities such as Iran’s capital Tehran and the large center of Isfahan are generally excluded from the list, PressTV notes. ⛏️

According to the new rules, the cost of electricity that will be used in crypto mining will be much higher than in other cases of consumption. 🔥

The final tariffs have not yet been published, but according to preliminary reports, the tariff will be set at about 7 cents per kilowatt, equating it to electricity exports, as opposed to 2 cents per kilowatt, which is set for domestic consumption. 💼

At the same time, no permits for the import of mining equipment have been issued so far, and on July 31, according to the Cointelegraph, the Iranian provincial police arrested a person for smuggling cryptocurrency equipment worth about $230,000. 🤔

It is unclear whether the prohibition on payments in cryptocurrency, established by the new law, also applies to crypto exchange, where crypto assets are exchanged for others. 🌍

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Posted 06.08.2019 by admin in category "Crypto World News