Iran’s President Hassan Rouhani said the country requires a legal framework for cryptocurrency and related activities that would protect the national interest while ensuring digital currency mining remains outlawed. Rouhani said the laws must take account of both the technical and the legal requirements of cryptocurrencies when drafting new laws. Regulators across countries are actively working on regulating cryptocurrencies in some capacity.
Iran’s president says measures are required to protect investors from the risks of crypto trading.
Calling for regulation as soon as possible, Iran’s President Rouhani said that proper measures are necessary to protect investors from the risks of crypto trading. He said, “For legalizing the activity of cryptocurrencies and protecting people’s capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions.” He revealed that a joint working group was required to draft the laws and crucially raise public awareness of the new measures regulating the industry.
Crypto mining to remain banned in Iran.
The president also confirmed that cryptocurrency mining would remain banned until at least the end of this summer, with “the Ministries of Communication and Information Technology and Energy…responsible for cutting off power to these centers,” the president said. As part of enforcement efforts for the measures, people caught mining cryptocurrency from domestic electricity connections are subject to heavy fines, with plans for the measures to remain in place for the foreseeable future. Earlier, the Iranian president had announced to ban crypto mining for the next four months due to electric outage occurrence in the country. Regulators and media blamed crypto mining for the frequent electric outage in the country.